What is a schedule containing all accounts needed to prepare financial statements called?

The correct answer is a schedule containing all accounts needed to prepare financial statements is referred to as the Chart of Accounts. This is a systematic listing of all the accounts used by an organization to categorize financial transactions and prepare its financial statements, including the income statement and balance sheet. Each account in the chart is usually assigned a unique code or number, which helps in organizing and tracking financial data.

The Chart of Accounts provides a comprehensive overview of the different types of accounts that the business will use, ranging from assets and liabilities to income and expenses. It forms the backbone for the accounting system, ensuring that financial reporting is uniform and structured. This allows for better tracking, reporting, and analysis of financial data, which is crucial for decision-making by management and for regulatory compliance.

In contrast, while the General Ledger is the complete record of all financial transactions over the life of a company, it is not exclusively a schedule of accounts but rather a collection of all the accounts from the Chart of Accounts with corresponding transactions. A Trial Balance is a report that lists the balances of all ledgers accounts and ensures that the total debits equal the total credits, but it does not provide the structure of accounts. The Balance Sheet is a specific financial statement that reports a company's assets,