Question

An account is maintained for each financial statement element, whereas a(n) ___________ _______________ contains all of the accounts of the entity. (Enter only one word per blank.)

Answer 1

A general ledger is a record that contains all of the accounts of an entity.

Step-by-step explanation:

An account is maintained for each financial statement element, whereas a general ledger contains all of the accounts of the entity. The general ledger is the master accounting record that provides a complete listing of all the accounts used by a business. It serves as a central repository for all financial transactions and helps in the preparation of financial statements.