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Why is it necessary to journalize and post adjusting entries?
The worksheet is only a tool that aids in the preparation of financial statements. Any changes in account balances recorded on the worksheet are not shown in the general journal and the general ledger until the adjusting entries have been journalized and posted.
When would you enter a general journal adjustments in an accounting package?
General journal entries are transactions that you use to track general expenses. You would enter a general journal adjustment in an accounting package for a special situation only.
What is the differences between self balancing ledger and sectional balancing ledger?
Below self balancing scheme, change financial records are ready in every ledger but in sectional complementary scheme control the books are set only in General Ledger
Does opening stock appear in the trial balance?
opening stock doesn't come in trail balance because trail balance is the balance of ledger accounts or where only two way process of dr and cr is there and we do not pass entries for consumption in journal and do not prepare any ledger account for it. That's it
Are the accounts in general ledger always arranged in an alphabetical order?
The liability accounts and expense accounts are the only ones arranged alphabetically.
What is sub ledger?
A General Ledger is the main ledger & all other ledgers like, Account Receivable, Account Payable Ledgers are all sub ledgers. Previously there used to be only one ledger ie the General Ledger, but as Business grew, the number of accounts too multiplied, so, the General Ledger started getting fatter, therefore the need to bring out accounts of similar nature out of General ledger & create sub-ledgers. However, there is a representative account for the subledgers in the General Ledger, which maintains only the balances of the various accounts in the Sub-Ledgers.So, by doing this the Trial Balance can always be created from the General Ledger only.
Why is it necessary to journalize and post adjusting entries?
The worksheet is only a tool that aids in the preparation of financial statements. Any changes in account balances recorded on the worksheet are not shown in the general journal and the general ledger until the adjusting entries have been journalized and posted.
When would you enter a general journal adjustments in an accounting package?
General journal entries are transactions that you use to track general expenses. You would enter a general journal adjustment in an accounting package for a special situation only.
Does an accounts payable ledger contain all of the balance sheet and income statements accounts?
No, the accounts payable ledger only contains information related to supplier accounts. The balance sheet and income statement accounts are contained in the general ledger.
What is the differences between self balancing ledger and sectional balancing ledger?
Below self balancing scheme, change financial records are ready in every ledger but in sectional complementary scheme control the books are set only in General Ledger
Does opening stock appear in the trial balance?
opening stock doesn't come in trail balance because trail balance is the balance of ledger accounts or where only two way process of dr and cr is there and we do not pass entries for consumption in journal and do not prepare any ledger account for it. That's it
Are the accounts in general ledger always arranged in an alphabetical order?
The liability accounts and expense accounts are the only ones arranged alphabetically.
Do you only record credit transactions in general journal?
we can also record cash transactions too
What are the subsidiary ledgers?
A subsidiary ledger is a ledger designed for the storage of a specific types of accounting transactions. The information in a subsidiary ledger is then summarized and posted to account in the general ledger, which in turn is used to construct financial statements of a company.However they usually created only for the areas in which there are high transaction volumes, which limits there use to a few area.Actually there are five types of subsidiary ledger;accounts payable ledgeraccounts receivable ledgerNotes payable ledgerNotes payable ledgerEquipment (fixed assets) ledger
What should be implented first in erp system accountspayable or general ledger?
Not only did you classify this in the wrong section, you asked it twice, both times in the health section. No answer for you.
In what journal should you list a telephone expense?
This could be one of two Journals, for the most part, a General Journal is where the entry goes, however, many companies choose to use subsidiary journals in order to keep accounts more organized and may set up a Subsidiary Expense Journal, in which case the telephone expense would be listed in that subsidiary journal along with all other expenses and the General Journal would only show a total for all expense accounts while the subsidiary journal would break each expense account down into more detail.So either the General Journal or a Subsidiary Expense Journal (depending on the company)
What should be implemnted first in an erp system general ledger or accounts payable?
Not only did you classify this in the wrong section, you asked it twice, both times in the health section. No answer for you.
