Answer:
used to sort, store and summarize a company's transactions.
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, account payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB).
Thus, it is a field of accounting involving specific processes such as recording, summarizing, analysis and reporting of financial transactions with respect to business operations over a specific period of time.
A general journal is used for initially recording a transaction before it's then subsequently transferred or posted to the general ledger. In Financial accounting, this process of transferring information about a transaction from the general journal to the general ledger is known as posting.
Furthermore, the main purpose of a general ledger is to list all accounts used in recording an organization's transactions and as such it contains a list of transactions affecting each account and the account's balance.
Hence, the general ledger is used to sort, store and summarize a company's transactions.
