What is the actual meaning of Ledger Account?
- 1 Answers
- 2295 Views
- I also Faced
- E-Mail Answers
A general ledger account is an account or record used to sort and store balance sheet and income statement transactions. Examples of general ledger accounts include the asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment. Examples of the general ledger liability accounts include Notes Payable, Accounts Payable, Accrued Expenses Payable, and Customer Deposits. Examples of income statement accounts found in the general ledger include Sales, Service Fee Revenues, Salaries Expense, Rent Expense, Advertising Expense, Interest Expense, and Loss on Disposal of Assets.
Some general ledger accounts are summary records which are referred to as control accounts. The detail that supports each of the control accounts will be found outside of the general ledger in what is known as a subsidiary ledger. For example, Accounts Receivable could be a control account in the general ledger, and there will be a subsidiary ledger which contains each customer's credit activity. The general ledger accounts Inventory, Equipment, and Accounts Payable could also be control accounts and for each there will be a subsidiary ledger containing the supporting detail.
| Is This Answer Correct ? | 1 Yes | 0 No |
If salary paid per month Rs.60000/-I will deduct TDS from his salary per month
What is difference between Cash Flow and fund flow
WHAT ELEMENTS OF YOUR JOB JNTEREST YOU THE MOST AND LEAST?
How we can create ledger for goods purchased from 1) Registered 2) Unregistered 3) Tax free Goods in Tally with examples its very urgent.
goods lost by fire rs10000 & insurance claim received for the same rs8000.what are the effect of this entry in final accounts?
17 Answers Amma Enterprises, BHU, HCL, Syntel,
what are the processes of account reconcillation
instead of clicking backup,i selected restore in tally7.2 and all my data is lost and i also forgot the comapny name,which i wanted to restore?how to recover my data?
Sir how the enter of GST adjust of sales return
what are the types of option contract?
what type account are below Debentures Bank overdraft
Classification of Errors as per Accounting
while preparing insolvency account deficiency account is wich account? why we do not prepare it with general rules?
Audit 
