Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 22 - No. 18)
In an accounting system, what is the purpose of a ledger?
To record the day-to-day cash transactions.
To summarize and classify the information from the books of original entry.
To report the financial performance of the business.
To prepare bank reconciliations.
Explanation
Ledgers are used to classify transactions by account, summarizing information from the books of original entry.
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