Which term refers to the compilation of all accounts of a business?

The term that refers to the compilation of all accounts of a business is the general ledger. The general ledger is essentially a comprehensive collection of all financial accounts that a business maintains. It serves as the backbone of the accounting system, as it contains all the account information needed to prepare financial statements, including assets, liabilities, equity, revenues, and expenses.

Each account within the general ledger reflects transactions that have been recorded in either the general journal or other specialized journals, capturing the financial activities of the business over time. This organization is crucial for ensuring accurate financial reporting and analysis.

In contrast, the general journal records transactions in chronological order before they are posted to the general ledger, whereas a trial balance is a report that summarizes the balances of all accounts in the general ledger to verify that total debits equal total credits. Accounting records refer more broadly to the collection of all financial documents and statements that a business maintains, which can include the general ledger, general journal, and other financial records.