Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 28 - No. 38)
Which of the following is a characteristic of a ledger account?
It is a summary of all transactions for a specific account.
It records transactions in chronological order.
It is used only for cash transactions.
It provides a detailed description of each transaction.
Explanation
A ledger account summarizes all transactions affecting a specific account.
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