Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 5 - No. 9)
What is the primary purpose of the ledger?
To record all financial transactions chronologically.
To provide a detailed record of cash inflows and outflows.
To summarize and categorize financial transactions by account.
To create the trial balance for the accounting period.
Explanation
The ledger organizes transactions by account, facilitating the summarization and categorization of financial data.
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