The ledger accounts should be arranged in

Question

Quizplus · Accepted Answer

The ledger accounts should be arranged in financial statement order, which means grouping accounts according to their respective financial statement categories, such as assets, liabilities, equity, revenues, and expenses. This helps to facilitate the preparation and analysis of financial statements. Chronological or alphabetical order would not provide the same level of organization and usefulness in financial reporting. Order of appearance in the journal is also not a practical way to arrange ledger accounts since there may be multiple journal entries for the same account.

The Ledger Accounts Should Be Arranged in