Which accounts are used in the general ledger for financial reporting?

The general ledger accounts play a crucial role in financial reporting as they serve as the main collection of all financial transactions of an organization. They summarize all balances for every account and provide the foundation for the financial statements, such as the income statement and balance sheet.

General ledger accounts encompass all types of accounts used in accounting, including operating accounts, asset accounts, and capital accounts, but it is the "GL accounts" designation that refers specifically to the overarching system that records all financial transactions. This includes cash, accounts receivable, accounts payable, income, expenses, and equity transactions.

Thus, identifying GL accounts as the correct response emphasizes the importance of these accounts in the broader context of financial reporting, as they aggregate and reconcile all financial activities, enabling organizations to maintain accurate and comprehensive financial data for decision-making and compliance purposes.