If the business just has one customer, it will not need to maintain a sales Ledger but just one Account in the Nominal Ledger will be enough. But, many businesses sell in credit and have many customers, for them maintaining a sales Ledger is very important. This Account records all the t...
The meaning of ACCOUNT BOOK is a book in which accounts are kept : ledger.
My account with the restaurant is past due. a statement of financial transactions. Bookkeeping. a formal record of the debits and credits relating to the person, business, etc., named at the head of the ledger account. a balance of a specified period's receipts and expenditures. ...
What is the significance of abbreviations M and MM in accounting? What is the meaning of amortization in accounting? Define "Management Accounting" Define the accounts receivable ledger. What is it used for? What is meant by the term "financial statements"? Describe modified accrual accounting...
The meaning of POST is a piece (as of timber or metal) fixed firmly in an upright position especially as a stay or support : pillar, column. How to use post in a sentence.
accounts payable subsidiary ledger is similar to other subsidiary ledgers in that it merely provides details of the control account in the general ledger. Other subsidiary account ledgers include theaccounts receivable subsidiary ledger, the inventory subsidiary ledger, and the equipment subsidiary ledger....
Naturally, the ledger which contains a double entry is also provided with a corresponding credit entry, and vice versa. This is done with the help of an account, viz., General Ledger Adjustment Account (to be maintained in Debtors and Creditors Ledgers), and also two other acco...
bank or credit card statement, the account history records all credits and debits. In a statement from a broker, it records all purchases and sales of assets. Both also reflect passive entries such as interest payments and deductions for fees. The account history also may be called aledger. ...
For example, every accounting entry will have a debit entered on the left side of a general ledger account. (There will also need to be a credit amount entered on the right side of another account.) The abbreviation for debit is dr. (which is also related to the term from 500 years ...
The general ledger or ledger is a record of all the accounts that the company uses. In all modern accounting systems, the general ledger is computerized. A general ledger divides accounts into three account types: assets, liabilities, and equity accounts. Most companies have many of the same ...