Explain the difference between the general ledger and a subsidiary ledger.

Q: Which internal control objective is concerned with ensuring that accumulated totals in the…

A: Internal controls are the procedures that are implemented to ensure operational efficiency and…

Q: Draw a diagram depicting the relationship between the general ledger master file, control accounts,…

A: Relationship between the general ledger master file, control accounts, subsidiary files, and…

Q: Define Subsidiary ledger.

A: General ledger: General ledger refers to the ledger that records all the transactions of the…

Q: What are the purpose of subsidiary ledger

A: Solution:- Introduction:- Subsidiary ledger gives the details that make up the balance of specific…

Q: The general ledger or subsidiary ledger should be indicated for each account

A: This question deals with the general ledger or subsidiary ledger should be indicated for each…

Q: What document initiates the billing process?

A:

Q: What is the definition of a general ledger account?

A: A company's double-entry accounting system is built around the general ledger.

Q: Describe direct and indirect mehods of reporting.

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…

Q: Define General ledger.

A: General ledger is the book containing the accounts and their amounts which are posted from journal…

Q: What is meant by Wraparound filing?

A: Financial reporting: Financial reporting is the procedure used to communicate the information…

Q: Subsidiary ledger

A: Ledger Account The purpose of preparing the ledger account to know the ending balance which are…

Q: What is difference between general ledger and balance sheet. If possible, can you give me an…

A: The accounting is a process to record the financial transactions on regular basis and prepare the…

Q: Define receivables and explain issues related to their recognition.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Define Sales revenue.

A:

Q: Identify and describe the different billing schemes.

A: Billing schemes are those techniques in which fraudulent invoices are submitted for fictitious goods…

Q: ledger

A: General Ledger A general ledger or accounting ledger could be a record or document that contains…

Q: Individual customer accounts are kept in a ledger O purchase ledger O sales ledger O general ledger…

A: Solution: Individual customer accounts are kept in a ledger called a "Subsidiary ledger".

Q: What columns are included in a typical ledger format?

A: Ledger indicates the posting of entries from the journals in their respective categorized accounts…

Q: What is the classification of general ledger account?

A: General ledger: General ledger is a set of ledger accounts that are recorded in the journal and…

Q: Define the term accounts.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Refer to the locations identified general ledger accounts.

A: General Ledger is a Second Step of Bookkeeping. It comes after completion of Recording of…

Q: Distinguish between Income and Expenditure Account and Receiptand Payment Account.

A: Difference between income and expenditure account and receipt and payment account:

Q: What are the main classification/types of accounts?

A: Accounting is the scientific recording of financial transactions with a view to compute the…

Q: V Differentiate General Ledger from a Subsidiary Ledger Differentiate General Journal from a General…

A: Accounting system involves many types of books which are prepared to record the financial…

Q: What role does the general ledger department play in the conversion cycle?

A: Conversion Cycle: A set of all processes that are used to collect inputs and convert them into final…

Q: What is the purpose of a subsidiary ledger?

A:

Q: Describe how accounts are used to record information about the effects oftransactions?

A: Firstly the transaction are recorded in the original books i.e. Journal, when the transactions are…

Q: Explain the accounting issues for recording goodwill.

A: Definition:   Goodwill: In terms of accounting, goodwill may be defined as an intangible asset that…

Q: Define transactions balance

A: Definition: Working capital: The measure which evaluates the ability of a company to pay off the…

Q: Describe the integration of the Inventory Ledger with the Payables, Receivables and General Ledgers.

A: Solution:- Introduction:- An integrated accounting system is application software in which all the…

Q: [Based on Appendix C] Explain the difference between the general ledger and a subsidiary ledger.

A: Ledger is a book where the journal entries recorded are posted. All the transactions in a ledger are…

Q: Define Revenue

A: The revenue is reported on the income statement of the company, and it is used to derive the net…

Q: Define the term service revenue.

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: A grouping of the entry's accounts is referred to as a ledger.

A: The accounting is process to record the transactions, post the transactions, prepare the trial…

Q: what does a general ledger do?

A: The ledger seems to be a book of accounts that contains the categorized and summarised information…

Q: What are subsidiary ledgers and control accounts,and why are they used? Describe how they work.

A: An accounting ledger is an accounting account or record that keeps track of activities on the…

Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger.

A: General Ledger:  It is a process of summarizing all the financial transactions of an account for a…

Q: Define clearing (payment process)

A: Checks: Checks refer to the written document which is dated and signed which directs a bank to pay a…

Q: difference between ledger and account

A: The ledger is prepared using journal entries.

Q: transactions into ledger.

A: Meaning of Ledger All the transactions which are recorded on journal are posted into the ledger…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.