Question

which is the main book of final entry for account​

Answer 1

Answer:

Ledger

Explanation:

Answer 2

Answer:

Main book of Final Entry for Account is Ledger.

Explanation:

Ledger-

• A ledger is a book of Accounts that keeps track of all types of Accounts such as assets, liabilities, capital, expenses, and revenues. It is a complete set of accounts for a business.
• The ledger is in a book with consecutively numbered pages. It can also be a collection of sheets.
• All journal entries are recorded in Ledger Accounts, a process known as posting entries from Journal to Ledger Accounts.

Features of Ledger Accounts-

• A Ledger book is an Accounts book in which various business transactions are recorded under various Accounts.
• It employs the double-entry method.
• It is also known as the Principal book of Account because it is the book where transactions are finalised after the journal or all-purpose books.
• All types of Accounts relating to assets, liabilities, capital, and revenue are maintained in the Ledger.
• It is the sole record of a business transaction that has been classified into relevant Accounts.
• It makes future financial statement preparation easier.

Hence, the Ledger is known as the book of final entry because it is the book in which all business transactions are eventually recorded.

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