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____________ is a summary of the account balances carried in a ledger.
Suggested Answer: B
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32 comments · newest first
KE
Kerry
11 months ago
A is correct, but don’t forget about the importance of the income statement too!
VI
Vincent
11 months ago
Surprised it’s not the income statement! Thought that was more common.
SA
Samuel
11 months ago
Wait, isn’t it C? Financial statements cover more than just balances.
WE
Weldon
12 months ago
I agree, A is the right choice!
AN
Antonio
12 months ago
Definitely A, balance sheets show account balances.
FR
Freeman
12 months ago
I feel confident that it's A, balance sheet, because it directly relates to ledger accounts, unlike the other options.
PA
Paz
1 year ago
I'm a bit confused; isn't the income statement also a summary of something? I need to think this through.
SH
Shaquana
1 year ago
I remember practicing a question like this, and I think the balance sheet is definitely the right choice.
KA
Kassandra
1 year ago
I think the answer might be A, balance sheet, since it summarizes account balances, but I'm not entirely sure.
BR
Brynn
1 year ago
I've got it! The balance sheet is the financial statement that summarizes the account balances in the ledger. The other options like the income statement and general journal don't fit the description in the question. I'm confident A is the right answer.
XO
Xochitl
1 year ago
I'm a bit confused on this one. Is the income statement also a summary of account balances? Or is the financial statement the overall term that includes both the balance sheet and income statement? I need to review my notes to make sure I have this concept clear.
CH
Chau
1 year ago
Okay, let me think this through step-by-step. The question is asking for a summary of account balances in a ledger, which sounds like it's referring to the balance sheet. I'm leaning towards A, but I'll double-check the other options just to be sure.
LE
Leslie
1 year ago
Hmm, I'm not totally sure about this one. I know the balance sheet summarizes account balances, but I'm not 100% certain that's the only correct answer. I'll have to think it through carefully.
NO
Norah
1 year ago
This one seems pretty straightforward. I'm pretty confident the answer is A - Balance sheet.
DO
Dortha
1 year ago
General journal? What is this, accounting 101? The balance sheet is where it's at, folks.
LO
Loren
1 year ago
General journal
JA
James
1 year ago
Financial statement
TH
Therese
1 year ago
Income statement
CU
Curtis
1 year ago
Balance sheet
AI
Aimee
1 year ago
Financial statement? Well, that's a good catch-all, but I think the balance sheet is the specific answer they're looking for.
DE
Denise
1 year ago
So, the balance sheet is a type of financial statement that shows the assets, liabilities, and equity of a company at a specific point in time.
BR
Brandon
1 year ago
Financial statement is a broader term that includes the balance sheet, income statement, and cash flow statement.
TA
Talia
1 year ago
I agree, the balance sheet is the summary of the account balances in a ledger.
MA
Margarett
2 years ago
Income statement? Nah, that's about revenue and expenses, not account balances. Gotta be the balance sheet.
ME
Merlyn
1 year ago
Exactly, it shows what the company owns and owes at that moment.
HA
Haley
1 year ago
So, the balance sheet is like a snapshot of the company's financial position at a specific point in time.
SE
Serina
1 year ago
Yeah, I agree. The income statement is more about revenue and expenses.
HE
Heike
1 year ago
I think it's the balance sheet, that's where you find the summary of account balances.
IN
Inocencia
2 years ago
A balance sheet? That's as clear as mud to me. I'll just guess and hope for the best!
FA
Fatima
2 years ago
I agree with Frederick. The balance sheet provides a snapshot of what a company owns and owes.
FR
Frederick
2 years ago
I think it's A) Balance sheet because it shows the financial position of a company at a specific point in time.
SO
Solange
2 years ago
A) Balance sheet