Question

Which of the following correctly describes a general ledger?
Group of answer choices

An index of all the financial accounts reported in the financial statements

A summary record of each separate asset, liability, owners' equity, revenue, expense, and dividend accounts.

A listing of all asset, liability, owners' equity, revenue, expense, and dividend accounts sorted according to its debit or credit balance.

The side-by-side presentation of the Balance Sheet, Income Statement, and Statement of Retained Earnings.

Answer 1

Answer:

A listing of all asset, liability, owners' equity, revenue, expense, and dividend accounts sorted according to its debit or credit balance.

Explanation:

A general ledger stores and summarizes all accounts a business operates.  It is the source of financial information required to prepares financial statements.

The general ledger is a summary of a company bookkeeping system. It arranges or sorts the business accounts as the balance sheet order. Assets accounts appear first, then liability accounts, and lastly, the equity accounts.