WAEC Book Keeping 2023 Theory — Question 3

Model answer

A ledger is a book that contains, in a classified and summarised manner, a permanent record of all business transactions, while an account is a record kept for each class of asset, liability, revenue and expense in a double entry system. (Alternatively: a ledger is the principal book of account where accounts covering all transactions of an organisation are classified and summarised, while an account is a summarised record of all transactions that have taken place between a business and an individual or firm.)