Explanation:
The accounts from the chart of accounts are referred to as general ledger accounts by accountants.
Please select 3 correct answers
Explanation:
In the double-entry bookkeeping system, there are three ledgers.
The General Ledger
The Accounts Receivable Ledger
The Accounts Payable Ledger
Explanation:
An accounts receivable subsidiary ledger is an accounting ledger that displays each customer's transaction and payment history for whom the company offers credit. To ensure accuracy, the balance in each customer account is regularly reconciled with the accounts receivable balance in the general ledger.
Explanation:
A general ledger is a financial ledger aggregating accounting data from sub-ledgers such as accounts payable, accounts receivable, cash management, fixed assets, purchasing, and projects.
Explanation:
The page is divided into two equal half in the usual format of a ledger account. The debit side is the left-hand side, and the credit side is the right-hand side. It's also the T-shaped format because it's formed like the capital letter "T."
The correct answer:
False
Explanation:
In accounting, a ledger is a book that contains accounts, which are records of transactions that occur in the business. It's also known as the influential book of funds or the book of final entry. It's a book where all of the ledger transactions are recorded.
Explanation:
All debit accounts should be entered on the left side of a ledger, while credits should be written on the right. Credits and debits must be equal in a general ledger to be balanced. Debits add an asset, cost, and dividend accounts, whereas credits subtract from them.
Explanation:
It keeps track of all financial transactions in a precise manner. It aids in compiling a trial balance, ensuring that your books are in order. Because all spending and income are in one place, filing tax returns is simple. It shows you your actual revenue and expenses to keep track of your spending.
