In the General Ledger, each item is given its own

Question

BlackTom AI · Accepted Answer

Looking at the concept being tested, this question asks about what each item in the General Ledger is assigned to.
Option a: Source document. Source documents are the original records (like invoices or receipts) that feed into journals, not the place where an item in the GL is stored. So this is not correct.
Option b: Trial Balance. The trial balance is a summary of balances from ledger accounts, not the container where each item is individually kept. Therefore this is incorrect.
Option c: Journal. A journal records the initial accounting entries before they are posted to the ledger, so while related, it does not describe the item in the General Ledger itself. This makes this choice inaccurate.
Option d: Ledger account. In proper accounting practice, each item (such as cash, accounts receivable, revenue, etc.) has its own ledger account within the General Ledger to track its debits and credits. This accurately matches the concept described by the question.

In the General Ledger, each item is given its own

View Explanation

Log in for full answers

Similar Questions

Which of the following statements is true about an income ledger account?

After the data has been posted from the journals to the ledgers asset and liability accounts are

After the data has been posted from the journals to the ledgers owner's equity, revenue and expense accounts are

In a consumer society, many adults channel creativity into buying things

Economic stress and unpredictable times have resulted in a booming industry for self-help products

People born without creativity never can develop it

A product has a selling price of $20, a contribution margin ratio of 40% and fixed cost of $120,000. To make a profit of $30,000. The number of units that must be sold is: Type the number without $ and a comma. Eg: 20000

More Practical Tools for Students Powered by AI Study Helper

Homework AI Solver

Stylized AI Paper Writer

Plagiarism Checker Assistant

Citation AI Academic Writing Tool

In-Class Translation Assistant

AI Note Generator

AI Quiz Answers

Past Exam Questions from University Test Bank

Smart Practice Assistant

Adaptive Practice

Making Your Study Simpler