PRC-1 · Chapter 3 · Question 33 of 100
The chief accountant of 'Orbit Solutions' requests his assistant to extract balances from the 'Nominal Ledger'. Which ledger is the chief accountant referring to?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) The General Ledger
Explanation
The General Ledger contains all the nominal accounts (income, expenses, assets, liabilities, and equity). Therefore, it is frequently referred to interchangeably as the Nominal Ledger.
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