A separate ledger account is maintained for each:

Question

Quizplus · Accepted Answer

A separate ledger account is maintained for each item that appears in the financial reports, such as assets, liabilities, equity, revenues, and expenses. This allows for easier tracking and analysis of each individual item's financial activity. Maintaining a separate ledger account for each journal entry or business transaction would be too cumbersome and inefficient, and maintaining a separate account for each day of business would be unnecessary and also inefficient.

A Separate Ledger Account Is Maintained for Each