Learn About Ledger Accounts with Some Important Theoretical Questions:
Ledger is known to be a final entry book for all important financial data initially inscribed in journal entries. Although recently it’s done by computer applications already programmed to create a T table for all ledger accounts but in the past it was done practically by bookkeeping methods. There are some mistaken opinions on mixing ledger and journal viewpoints but they are not same. You can learn about ledgers properly with Theoretical Questions – Ledger Accounts Assignment Help. Come visit us at 24x7assignmenthelp.com.
Theoretical questions on ledger:
- What do you need to know while recording in general ledger?
In a ledger account, cash and non-cash transactions are recorded. Purchases and sales done both via cash transaction and credit transaction also appear in general ledger.
- What is cost-sheet orientation?
From Theoretical Questions – Ledger Accounts Assignment Help you’ll get to know about a sheet where all costs connected with products are recorded. That is called cost-sheet orientation.
- Which of these four do not appear in government accounting balance sheet?
The answer is Surplus.
- Explain difference between a general ledger and a ledger:
From Theoretical Questions – Ledger Accounts Assignment Help you will learn that general ledger is something that is done to represent all common business accounts, namely, purchase, sales, printing etc. But ledger is something is particularly made by that organization having one single and important purpose to serve.
- What does testing mean that is concerned with general ledger?
Testing in general ledger is a compiled action of checking various financial transactions that are recorded and configures using SAP.
- How many accounting period comes in general ledger?
Usually there are 13 accounting period in a general ledger. The 12 of them are representing 12 months and last one is for closing year’s transactions.
- What is the connection between journal and ledger?
From Theoretical Questions – Ledger Accounts Homework Help you’ll get ideas on subsidiary book or journal, every transaction is recorded initially. Later they are transferred in ledgers for balancing their debit and credit sides. The next step is trial balance.
- Name some of the steps required in balancing ledger accounts:
There are some general steps required in balancing ledger accounts:
- Total of both debit and credit sides are calculated.
- Calculate the difference between balances of debit and credit sides.
- If debit side has surplus then that is transferred to credit side under ‘By Balance c/fd’ and if the credit side has surplus then it is written in debit side under ‘To Balance c/fd’.
- After balancing surpluses, both sides total in equal values.
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