Question on: JAMB Accounting - 2023
The main purpose of transaction file is?
A
to record assets and liabilities
B
to update income and expenses
C
to make organization decision
D
to update master files
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Correct Option: D
The main purpose of a transaction file is to update master files. Transaction files contain data about individual transactions, and they are used to update the master files, which store the organization's core data.
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