Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 5 - No. 45)
What is the purpose of a general ledger?
To provide a chronological record of all transactions.
To group together all of the business's assets.
To summarize the transactions that have occurred within each account.
To record all transactions in the general journal.
Explanation
The general ledger summarizes the transactions that have occurred in each account.
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