Question

Which data is typically maintained in the chart of accounts sections of a General Ledger account?

A) Account names and numbers
B) Transaction dates and times
C) Financial statements
D) Vendor information

Answer 1

The chart of accounts in a General Ledger typically includes the account names and numbers, which help in categorizing and coding transactions for consistent financial reporting.

Step-by-step explanation:

The data typically maintained in the chart of accounts sections of a General Ledger account are account names and numbers. The chart of accounts is an organized list of accounts used by a business to categorize transactions and ensure consistent financial reporting. It includes the account names which describe the type of account (such as Cash, Accounts Receivable, Revenue, Expenses, etc.) and account numbers that help in identifying the accounts quickly and are used for coding transactions.

Transaction dates and times are not stored in the chart of accounts; they are tracked within each individual transaction record. Financial statements are reports generated from the ledger data but are not maintained as part of the chart of accounts, and vendor information is typically stored in the accounts payable ledger or vendor master files, not in the chart of accounts.