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Regardless of the type of ledger that you're using, the purpose of the ledger is to record :?

a) record inflow of money earned om company operations.

b) record specific information about transactions that affect the balance of the ledger account.

c)recording something in the right place could significantly affect the financial statements for the business.

d)recording business transactions is to decide what account will be debited and what account will be credited.

Accounting Common Type System Financial Accounting General Ledger Reconciliation Accountancy
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Question added by Mohammed Asim Nehal , M Asim Nehal & Co , Chartered Accountants
Date Posted: 2015/07/22
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Gayasuddin Mohammed
by Gayasuddin Mohammed , Advocate , Practicing Law before High Court at Hyderabad

d)recording business transactions is to decide what account will be debited and what account will be credited.

Mohammed Asim Nehal
by Mohammed Asim Nehal , M Asim Nehal & Co , Chartered Accountants

Correct answer is b) record specific information about transactions that affect the balance of the ledger account.

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