________ is an arithmetical check of all transactions done as per date. (Fill in the blank)
Answers
A ledger is used to keep track of all transactions of a company. Generally , every organization needs to keep track of the transactions that has been made in the firm for the sake of profit and loss analysis as well as effective planning. A ledger is utilized in keeping good records of the monetary transactions that the company has been making all through the financial year.The ledger entails the dat that is required in preparation of financial statements as well as owner's equity , revenues, liabilities and assets.
Ledger is an arithmetical check of all transactions done as per date. Its especially used in cash accounts to check that cash is not negative on closing time if there is any balance in the account. It considers as balance checking formula because on regular basis checking balance is an important factor.
It helpful to capture the mistake if done any. If you catch on time fault, it will avoid big trouble.