Regarding the ledger,which of the following statements is incorrect?
A) Both the chart of accounts and the ledger list the account names and numbers of the business.
B) Companies use the ledger to fulfill the task of showing all of the increases and decreases in each account.
C) Both the chart of accounts and the ledger provide the balance of each account at a specific point in time.
D) The ledger provides more detail than the chart of accounts.

Question

Quizplus · Accepted Answer

The chart of accounts lists the account names and numbers, but it does not provide the balance of each account at a specific point in time. That information is found in the ledger, which tracks the increases, decreases, and current balance of each account.

Regarding the Ledger,which of the Following Statements Is Incorrect