The ledger is:
A)a group of accounts that records data from business transactions.
B)a tool used to insure that all accounts have normal balances.
C)a chronological record of the day's transactions.
D)a tool used to ensure that debits equal credits.

Question

Quizplus · Accepted Answer

The ledger is a group of accounts that records data from business transactions. It is a central location where all financial transactions are recorded and organized. Each account in the ledger represents a specific aspect of the business such as cash, accounts receivable, and accounts payable.

The Ledger Is