What is the purpose of a general ledger?

Question

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

Answer 1

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.

Answer 2

RESPONSES ONLY

Answer 3

- To maintain all accounts in the accounting system
- To track customer payments
- To record daily transactions
- To manage payroll