Which element of an accounting system provides information about the balance in each account?

Question

Quizplus · Accepted Answer

Ledgers are the main element of an accounting system that provide information about the balance in each account. Journals record the transactions, source documents provide evidence of the transactions, and the cash flow statement shows the inflow and outflow of cash from operating, investing, and financing activities. However, none of these elements provide specific information about the balance in each account, which is the role of the ledger.

Which Element of an Accounting System Provides Information About the Balance