A group of accounts for a business entity is called a a. ledger. b. chart of accounts. c. transaction. d. T account.

Question

Business

Ezequiel Peterson

15 November, 07:15

A group of accounts for a business entity is called a a. ledger. b. chart of accounts. c. transaction. d. T account.

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Answers (2)

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Yaritza · Answer 1

Answer: A. Ledger

Explanation: The ledger is a book for keeping notes, especially one for keeping accounting records; It is the collection of accounting entries consisting of credits and debits thus representing the accounts for a business entity. All debits are recorded on the debit side of the ledger and all credits on the credit side according to dates. The ledger is also called the principal book of account, an indication of its relevance in running a business.

Entries in an accounting ledger might include cash accounts, accounts receivable, investments, inventory, accounts payable, accrued expenses, deposits etc.

Elena Kim · Answer 2

a a. ledger

Explanation:

A chart of accounts shows the listing of all accounts of an entity, more like a listing of all the accounts in the general ledger.

A transaction is a business activity of an entity and may be evidenced by source documents such as invoices.

The T account should the debit and credit effect of a transaction on an account.

The ledger is the group of accounts for a business where the transactions of the entity are recorded.