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General ledger is the book of final entry of all business transactions of a company. Primarily, any end balance from the said ledger of all accounts used by a particular business enterprise is the final balance that will be forwarded to the financial statements of the company. The ledger will be an accounting aid/tool in determining/tracing from which book of accounts a journal entry was recorded. It also serves as a tool for internal/external auditors to track the flow of business transactions of an entity for a given period.
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When a business uses a subsidiary accounts receivable ledger there is no need to keep an accounts receivable account in the general ledger true or false?
False. Even when a business uses a subsidiary accounts receivable ledger, it still needs to maintain an accounts receivable account in the general ledger. The subsidiary ledger details individual customer transactions, while the general ledger provides a summary of total accounts receivable for financial reporting and reconciliation purposes. Both are necessary for accurate financial management.
Should general ledger be capitalized if refering to it like General Ledger entries?
In general, "general ledger" should not be capitalized when used in a sentence unless it is part of a title or a heading. Therefore, you would typically write "general ledger entries" in lowercase. However, if you are referring to a specific system or software that uses "General Ledger" as part of its official name, then capitalization would be appropriate in that context.
What are 5 types of subsidiary ledgers?
accounts receivable ledger, accounts payable ledger, notes receivable ledger, notes payable ledger and equipment subsidiary ledger
What is difference between Nominal Ledger general ledger?
General ledger is just another name given to nominal ledger. Nominal ledger is a ledger that maintains impersonal accounts like sale , purchase, capital etc.
What is Incoming Ledger?
What is in incoming ledger
What set of drums do Korey Ledger play?
Jen Ledger plays DW collective series. She uses sabian AX Explosion cymbols
When a business uses a subsidiary accounts receivable ledger there is no need to keep an accounts receivable account in the general ledger true or false?
False. Even when a business uses a subsidiary accounts receivable ledger, it still needs to maintain an accounts receivable account in the general ledger. The subsidiary ledger details individual customer transactions, while the general ledger provides a summary of total accounts receivable for financial reporting and reconciliation purposes. Both are necessary for accurate financial management.
Does Jen Ledger use Facebook or Twitter the most?
She uses Twitter more.
Should general ledger be capitalized if refering to it like General Ledger entries?
In general, "general ledger" should not be capitalized when used in a sentence unless it is part of a title or a heading. Therefore, you would typically write "general ledger entries" in lowercase. However, if you are referring to a specific system or software that uses "General Ledger" as part of its official name, then capitalization would be appropriate in that context.
What are 5 types of subsidiary ledgers?
accounts receivable ledger, accounts payable ledger, notes receivable ledger, notes payable ledger and equipment subsidiary ledger
What is difference between Nominal Ledger general ledger?
General ledger is just another name given to nominal ledger. Nominal ledger is a ledger that maintains impersonal accounts like sale , purchase, capital etc.
What is Incoming Ledger?
What is in incoming ledger
What is another name for General Ledger?
Another name for the General Ledger is Nominal Ledger.
Why AP ledger requires a subsidiary ledger?
AP Ledger requires a subsidiary ledger to help keep the clutter down in the general ledger. The standard ledger can often fill up with a large amount of activity, making it difficult to handle.
What can extend the staff upwards or downwards?
Ledger lines can be used to extend the staff.
What is the example of subsidiary ledger?
subsidary ledger
What is the purpose of the general ledger?
what is the purpose of the ledger?
