Question on: JAMB Accounting - 2017
What is the main purpose of transaction file?
A
To record assets and liabilities
B
To update income and expenses
C
to update master files
D
to make organization decision
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Correct Option: C
The main purpose of a transaction file is to update the master files.
- Transaction files contain records of individual transactions (e.g., sales, purchases, payments).
- These transactions are used to update the information in the master files, which hold the main data of the business (e.g., customer information, inventory details, account balances).
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