Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 46 - No. 33)
What is the purpose of the ledger accounts in the accounting process?
To provide a detailed breakdown of cash transactions.
To record the initial entry of all transactions.
To summarize and categorize transactions from the books of prime entry.
To record inventory levels.
Explanation
Ledger accounts summarize information from the books of prime entry.
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