Question

2-1.3 Which of the following statements about data storage is (are) true? A chart of accounts is a list of the numbers assigned to each general ledger account. A general ledger contains detailed level data for every asset, liability, equity, revenue, and expense account. A general journal is used to record a large number of repetitive transactions. A subsidiary ledger contains detailed data for any general ledger account with many individual subaccounts. e)A specialized journal is used to record infrequent or non-routine transactions.

Answer 1

Answer:

A general ledger contains detailed level data for every asset . equity , revenue and expense account

Explanation:

A general ledger is an accounting record that holds information of every other account in an organization towards the preparation of the financial statements.

It also makes the overall analysis of the transactions in the other books of account to be easier

It also follow the principle of double entry as financial information are imported from the other sub ledgers.

Answer 2

Answer:

• A chart of accounts is a list of the numbers assigned to each general ledger account.
• A subsidiary ledger contains detailed data for any general ledger account with many individual subaccounts.

Explanation:

A chart of accounts contains a list of all the numbers assigned to balance sheet and income statement accounts. The account numbers allow transaction data to be coded, classified, and entered into the proper accounts.

Subsidiary ledger s are used to record details information for a general ledger account that contains many subaccounts, like accounts receivable (at last 1 subaccount per client), inventory (at least 1 subaccount per product) and accounts payable (at least 1 subaccount per creditor).