Explain the purpose and contents of the general ledger master file.

What will be an ideal response?

The general ledger master file is the main file on the general ledger database. It is based on the firm's chart of accounts. Each record is either a general ledger account (e.g., sales) or a control account (e.g., the accounts payable control) for one of the subsidiary ledgers. The general ledger master file contains the following for each account: the account number, description, account class (e.g., asset), the normal balance (debit or credit), beginning balance, total debits for period, total credits for period, and current balance.

PTS: 1