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General Ledger

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    Gabriel O.
    ML
    Gabriel O.

    The general ledger consist of ledger accounts,one for each account set up in the chart of accounts. Debits and Credits to each account are posted to the ledger from the journal and the balance is kept current . Posting is the process of transferring amounts from the general journal to specific general ledger accountsThe general ledger is often called the book of final entr

    Wendy C.
    AU
    Wendy C.

    Balance Day Adjustments are recorded in the General Journal

    Jonathan Bashir Pam Z.
    GB
    Jonathan Bashir Pam Z.

    Does every account require a General Ledger?

    Samuel F.
    ZA
    Samuel F.

    What is the purpose of control accounts?

    Harrison A.
    AT
    Harrison A.

    The general ledger is the formalization of the t-accounts. The general ledger consist of ledger accounts,one for each account set up in the chart of accounts. Debits and Credits to each account are posted to the ledger from the journal and the balance is kept current . Posting is the process of transferring amounts from the general journal to specific general ledger accounts.Because entries are recorded in the ledger after the journal, the general ledger is often called the book of final entry .

    Harrison A.
    AT
    Harrison A.

    what are the posting processess a general ledger should take ?

    Ella Rose M.
    MY
    Ella Rose M.

    yes. referential and mainly audit purposes.

    Diamond T.
    US
    Diamond T.

    What is the purpose of control accounts?

    Douglas R.
    US
    Douglas R.

    Depreciation accumulates fast.

    Ardian R.
    flag-default-icon
    Ardian R.

    A general ledger is the master set of accounts that summarize all transactions occurring within an entity. There may be a subsidiary set of ledgers that summarize into the general ledger

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