Explain the Necesisty of Legder
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The ledger is used to prepare financial statements and contains a list of all the accounts, referred to as the chart of accounts, that are active. The ledger is impacted by normal business activity and can be documented by hand or electronic record.
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Explanation:
Ledger plays an important role in the prevention of fraud and falsehood. With the help of Ledger, it is possible to maintain a complete account of the organization according to the Double-Entry Accounting System. The financial statement shall be prepared with information from Ledger.
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