Saturday 13 November 2021

What is the difference between an account and a ledger?

 What is the difference between an account and a ledger?
Basically, when the transaction occurs, we identify the nature of the transaction, and then it is recorded in the proper account. Different transactions affect different accounts. Therefore, to completely understand the effect and to keep the track of every transaction, they are recorded at one place called an account. In the ledger, we maintain these accounts. Leger contains a list of completed accounts with all details.

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