What is the main purpose of a general ledger master file?
A) To store account balances to be presented in reports
B) To match up account numbers in files
C) To store temporary records pertaining to a group of like transactions
D) To store detailed information about subsidiary ledger control accounts

Question

Quizplus · Accepted Answer

The main purpose of a general ledger master file is to store account balances that are used to prepare financial statements and other reports. It serves as a central repository for all the financial transactions of an organization, summarizing the financial status and results of operations.

What Is the Main Purpose of a General Ledger Master