Asked by Isabelle Manaytay on Jul 13, 2024
Verified
The purpose of the ledger is to
A) record the day's transactions in date order.
B) keep documentation to support each transaction.
C) keep in one place all information about changes in specific account balances.
D) make sure that all assets and liabilities have normal balances at all times.
Ledger
A comprehensive collection of all accounts used by an organization, summarizing all transactions occurring within an accounting period.
Account Balances
The amount of money in a financial repository at any given moment, reflecting the net of debits and credits over time.
Documentation
Written or digital materials that provide official information or evidence regarding processes, transactions, or systems.
- Acquire knowledge of the process and rationale behind shifting transaction data to ledger accounts.
Verified Answer
ES
Emily SalyerJul 19, 2024
Final Answer :
C
Explanation :
The ledger serves as a centralized record to keep all information about changes in specific account balances, allowing for the tracking of financial transactions and their impact on individual accounts over time.
Learning Objectives
- Acquire knowledge of the process and rationale behind shifting transaction data to ledger accounts.