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Explain the rules regarding posting of transactions into the ledger?
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The process of transferring journal entries to a ledger is known as?
This process is referred to as "posting". This is needed to keep complete and organized records of all transactions in the general ledger, as this is the source document used to create statements.
What is a ledger posting machine?
a machine that records detailed transactions on a unit record ledger card. The balance associated with each transaction is summed and stored on a magnetic strip on the card. The machine can read all of the updated ledger cards very quickly to pick up the ledger balances and sum them into a totaling device.
What are the rules for posting into a general ledger?
The rules of posting into a general ledger are simple. Keep track of expenses in one part of the ledger and keep track of credits in another part.
The procedure of transferring journal entries to the ledger accounts is called?
The whole process of transferring entries from journal to ledger is called posting process.
The process of posting is associated most closely with the?
transferring journal entries to ledger accounts
What is posting in accounting?
Posting is recording in the ladgers information from journal. Posting is always from journal.
The process of transferring journal entries to a ledger is known as?
This process is referred to as "posting". This is needed to keep complete and organized records of all transactions in the general ledger, as this is the source document used to create statements.
What relationship between the journal and the ledger?
Both the Journal and the Ledger are the two most important books used under the Double Entry System of "Book-Keeping". The relationship between the "Journal & Ledger" could be expressed as follows: Journal is the book of first or original entry - since all the Business Transactions are recorded first of all in the "Journal". While the "Ledger" is the book of second entry - since the transactions are "Posted" to the "Ledger" from the Journal. The Journal records tranasactions in "Chronological order", while the Ledger records the transactions in analytical order. The Journal is more reliable than Ledger since it is the book in which the entry is entered first. The process of recording transations is termed as "Journalising" while the process of recording transactions in the Ledger is called as "Posting". Ramesh Kutumbaka
What is a ledger posting machine?
a machine that records detailed transactions on a unit record ledger card. The balance associated with each transaction is summed and stored on a magnetic strip on the card. The machine can read all of the updated ledger cards very quickly to pick up the ledger balances and sum them into a totaling device.
Posting reference on the journal should be?
should be entered when posting to the ledger
What are the rules for posting into a general ledger?
The rules of posting into a general ledger are simple. Keep track of expenses in one part of the ledger and keep track of credits in another part.
The procedure of transferring journal entries to the ledger accounts is called?
The whole process of transferring entries from journal to ledger is called posting process.
The process of posting is associated most closely with the?
transferring journal entries to ledger accounts
What items go directly to the general ledger without sub ledger posting?
accrued accounts
How do you explain accounting Cycle?
It is a process to record business transactions in ledger accounts and then generating useful financial information for example income statement, balance sheet.
Why ledger is called king of all books of account?
Ledger is called the king of all books of accounts because all entries from the books of original entry must be posted to the various accounts in the ledger. It should be noted that journal contains a chronological record while ledger contains a classified record of all transactions
What are general ledger accounts?
he general ledger is a collection of the firm's accounts. While the general journal is organized as a chronological record of transactions, the ledger is organized by account. In casual use the accounts of the general ledger often take the form of simple two-column T-accounts. In the formal records of the company they may contain a third or fourth column to display the account balance after each posting.
