Question

When preparing the statement of owner's equity, the beginning capital balance can always be found a.on the statement of cash flows b.in the Income Statement columns of the work sheet c.in the Balance Sheet columns of the work sheet d.in the general ledger

Answer 1

When preparing the statement of owner's equity, the beginning capital balance can always be found in the general ledger.

• A general ledger is a book keeping ledger which shows the set of numbered accounts a business uses to keep track of its financial transactions and to prepare financial reports.
• Each account is a unique record summarizing a specific type of asset, liability, equity, revenue or expense.
• The general ledger consists of all the individual accounts needed to record the assets, liabilities, equity, revenue, expense, gain, and loss transactions of a business. In most cases, detailed transactions are recorded directly in these general ledger accounts.
• It helps you look at the bigger picture. Accounts including assets (fixed and current), liabilities, revenues, expenses, gains, and losses.

Thus the correct answer is option D.

To learn more about general ledger, refer: brainly.com/question/1436327

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