A ledger is used to:
A) show increases and decreases in individual accounts, as well as ending balance.
B) report the results of operations to stockholders, creditors, and managers.
C) prove that debits equal credits.
D) make a balance sheet unnecessary.

Question

Quizplus · Accepted Answer

A ledger is a record-keeping system where all the transactions are recorded in individual accounts, which are used to show increases and decreases in each account as well as to determine the ending balance. By keeping track of transactions in a ledger, accountants can ensure the accuracy of financial statements and ensure that debits and credits are correctly balanced. Ledgers are an essential tool in maintaining an accurate accounting system.

A Ledger Is Used To