Question

A summarized record of relevant transactions of particulars head at one place is called ______________.

Answer 1

Answer:

account is correct

Explanation:

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Answer 2

Answer:

A summarized record of relevant transactions of particulars head at one place is called Ledger.

Explanation:

Accounting ledger stores and manages financial information about a company that is derived from journal entries. This turns into a crucial financial record for future use. Financial statements are produced using it. The second book of entries is another name for it.

A company's trial balance, income statement, and balance sheet are created using the entries. Assets, liabilities, revenue, expenses, and equity are the categories for this supplementary book of accounts. As a result, all transactional detail related to a certain account is displayed in a methodical manner in the second book of entries.

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