Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 34 - No. 39)
What is the purpose of the 'general ledger'?
To record transactions in chronological order.
To summarize and categorize transactions by account.
To prepare the trial balance.
To prepare the financial statements.
Explanation
The general ledger provides a summary of transactions, organized by account (e.g., cash, accounts receivable, etc.).
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