Final answer:
It's false that the ledger is known as the point of original entry; that term refers to the journal where transactions are initially recorded, thus the ledger is actually a collection of accounts where journal entries are posted in the second step.
Step-by-step explanation:
The statement that a ledger is known as the point of original entry is false. In accounting, the point of original entry is typically the journal, not the ledger. The journal is where financial transactions are first recorded using double-entry bookkeeping before they are posted to the ledger.
The ledger is a set of accounts where these transactions are then transferred as the second step in the bookkeeping process. Each account in the ledger summarizes the transactions that relate to a specific item, ensuring that they are properly categorized for financial statements like the balance sheet or income statement.