A general ledger lists all of the accounts of a company. These are the asset, liability, stockholders’ equity, revenue, and expense accounts.

The journal is an accounting record in which transactions are initially recorded in chronological order.

Transactions are recorded in chronological order in the journal.

True

False

A general ledger lists all of the accounts of a company. These are the asset, liability, stockholders’ equity, revenue, and expense accounts.

What does a general ledger of a company contain?

Revenue and expense accounts only

Asset and liability accounts only

Asset and stockholders' equity accounts only

All the asset, liability, stockholders' equity, revenue, and expense accounts

Assets are increased by debits, which are additions to the left side of the T-account.

Assets are increased by credits.

True

False