Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 6 - No. 48)
1. Which of the following is NOT a function of a ledger account?
Provide a summary of all the transactions related to the account.
Track the balance of the account.
Provide a chronological record of each individual transaction.
Assist in the preparation of financial statements.
Explanation
Ledger accounts are summarized accounts and do not show each transaction individually. The individual transactions are recorded in a journal.
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