Final answer:
Opening a ledger account involves recording the account title and the account number only. It is the first step before transactions are posted to the account, which is often depicted in a T-account format.
Step-by-step explanation:
Opening a ledger account historically involves B. recording the account title and account number on the ledger page. This is the initial step in setting up an account within the ledger before any transactions are recorded. Once the account is open, transactions will then be posted to the ledger account with their respective debit and credit amounts along with a source explanation. However, the initial opening does not include the transaction details or the account balance.
A ledger account visually represented in a T-account format helps in understanding the concept of debits and credits. As for the unit of account, it serves as the standard numerical monetary unit of measurement of the market value of goods, services, and other transactions. It is key in recording and reporting financial transactions. Unlike the time deposit account, which refers to money deposited for a fixed term to earn interest, the ledger accounts involve a variety of financial records including assets, liabilities, equity, expenses, and revenue.