Asked by Diana Imangeldieva on Jun 10, 2024
Verified
The primary ledger containing all the balance sheet and income statement accounts is the
A) general ledger
B) creditors ledger
C) customers ledger
D) subsidiary ledger
Income Statement
A financial report that shows a company's revenues, expenses, and profits over a specific accounting period.
- Understand the role and framework of subsidiary ledgers and how they interact with the general ledger.
Verified Answer
MB
Mackenzi BrockJun 14, 2024
Final Answer :
A
Explanation :
The general ledger is the primary ledger where all the balance sheet and income statement accounts are recorded. The creditors ledger and customers ledger are subsidiary ledgers that contain details of specific transactions with creditors and customers respectively.
Learning Objectives
- Understand the role and framework of subsidiary ledgers and how they interact with the general ledger.