A book wherein various accounts are opened is called____________?
Correct answer: D. Ledger
- A. Subsidiary books
- B. Journal
- C. Trial Balance
- D. Ledger
Explanation
A ledger is the principal book in which separate accounts for assets, liabilities, income, expenses and capital are opened and maintained. A journal records transactions chronologically before they are posted to the ledger.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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