quizzunit9

1.  The final destination of all entries made in the journal is the ledger as they are all ................(subsequence) transferred to it.

1.  Ledger contains financial transaction accounts related to ................. (loss) and gains, assets and liabilities.

1.  Ledger account provides financial information such as how much a particular person owes to or from the business, what is the value of particular asset the business ................. (possess) at a point in time.

1.  The information given in different ledger accounts will help the ................ (manage) in preparing budgets. It also helps the management in keeping the check on the performance of business it is managing.

The business always needs to know what it owes to others and what the others owe to it. The

 

ledger accounts provide this information at a glance through the account ................. (receive) and

 

payables.

Ledger is an account book for recording and totaling ................ (money) transactions by

 

accounts with debits and credits in separate columns.

Your accounting system will have a number of subsidiary ledgers, called sub ledgers, for items such as cash, accounts receivable, and accounts ................. (pay).

Since the ledger account is prepared under the double-entry system, it helps to prepare a trial balance that provides a check on the arithmetical ................. (accurate) of the recording transactions in the books of accounts.

A general ledger is used by businesses that employ the double-entry bookkeeping method.

 

Double-entry transactions are posted in two columns, with debit ................. (post) on the left and

 

credit entries on the right, and the total of all debit and credit entries must balance.

The general leger accumulates information from journals. Each month all journals

 

are .................. (total) and posted to the General Ledger.