The purpose of the ledger is to
A) compile all source documentation materials that support each transaction.
B) make sure that all accounts have credit balances at all times.
C) record chronologically the day's transactions.
D) update each account.

Question

Quizplus · Accepted Answer

The purpose of the ledger is to update each account. The ledger is a record-keeping system that shows the changes in individual accounts over time. It serves as a central repository for all account information and keeps the accounts balanced by recording all debit and credit entries made to them. While the other options listed may also occur in the ledger, updating each account is the primary purpose.

The Purpose of the Ledger Is to