Question

A ______ account may be defined as summary of all transactions relating to a particular head of one place.

Options

• Journal

• Ledger

• Credit book

• None of these

Answer 1

A Ledger account may be defined as summary of all transactions relating to a particular head of one place.

Explanation:

A ledger account is a record that summarises all transactions relating to a particular person, asset, liability, expense, or income in one place. It is known as the book of final entry because all entries from the journal or subsidiary books are eventually posted to the ledger.