What is the purpose of a general ledger?
What is the purpose of a general ledger?
To maintain all accounts in the accounting system
To track customer payments
To record daily transactions
To manage payroll
To provide a complete financial record of a company's transactions, assets, liabilities, equity, revenues, and expenses. It serves as the central repository for all financial information and helps in creating accurate financial statements and reports for decision-making, budgeting, and auditing purposes.
RESPONSES ONLY
- To maintain all accounts in the accounting system
- To track customer payments
- To record daily transactions
- To manage payroll