Question

Which of these statements correctly describe the chart of accounts and the general ledger? (Select allthat apply.)Select one or more:a. The chart of accounts is made up of graphs and detailed notes.b. The chart of accounts is a list of accounts that includes numbers and descriptions. c. The general ledger is a list of accounts that includes numbers, descriptions, and changes inthose accounts. d. The general ledger is known as the core of any accounting system.

Answer 1

Answer:

b. The chart of accounts is a list of accounts that includes numbers and descriptions.

c. The general ledger is a list of accounts that includes numbers, descriptions, and changes in those accounts.

d. The general ledger is known as the core of any accounting system.

Explanation:

The chart of account refers to the various types of accounts i.e revenue, expenditure, asset, liabilities and so on which depicts the number of accounts, the descriptions of account, nature of the account, and the categories in which they are lying.  

Whereas the general ledger is the recording of the transactions held by the business which also includes account number, their descriptions, and the changes held in those accounts. Plus, it is also known as the core of any accounting system