Asked by Morgan Hooper on Apr 24, 2024
The ledger accounts should be arranged in
A) date order.
B) order of the chart of accounts.
C) financial statement order.
D) order of appearance in the journal.
Chart of Accounts
A structured list of all the financial accounts in the general ledger of a company, used for organizing transactions and reporting financial data.
Ledger Accounts
These are individual financial accounts within the accounting system of an organization that record specific transactions related to assets, liabilities, equity, revenue, and expenses.
Financial Statement Order
The typical sequence in which financial statements are prepared and presented, usually starting with the income statement, followed by the balance sheet, and the cash flow statement.
- Comprehend the function and sequence of different kinds of accounts within the general ledger.
Learning Objectives
- Comprehend the function and sequence of different kinds of accounts within the general ledger.
Related questions
The Usual Ordering of Accounts in the General Ledger Is ...
An Accounts Receivable Customer Balances Report Shows ...
The Controlling Account in the General Ledger That Summarizes the ...
Accounts Are Records of Increases and Decreases in Individual Accounting ...
Businesses That Have Several Bank Accounts, Petty Cash, and Cash ...