The general ledger:
A)lists the customer names.
B)is the book of final entry.
C)lists the transactions in chronological order.
D)is before the general journal.

Question

Quizplus · Accepted Answer

The general ledger is the book of final entry where all the accounts are stored and updated regularly. It provides a summary of all the transactions and account balances. Option A is incorrect as customer names are listed in the accounts receivable subsidiary ledger. Option C is incorrect as transactions are recorded in the general journal and then posted to the general ledger. Option D is incorrect as the general journal is the book where transactions are first recorded before they are transferred to the general ledger.

The General Ledger