Accounting Cycle : Ledger — Flashcards
ICSE · Class 11 · Accountancy
36 flashcards for Accounting Cycle : Ledger (ICSE Class 11 Accountancy) to test yourself on key terms and facts. Sample: "What is a ledger?"
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What is a ledger?
Answer
Ledger is a book that contains various accounts where similar transactions relating to a particular person or thing are recorded. It is a classified and permanent record of business transactions and i…
Why is the ledger called the book of second entry and the book of final entry?
Answer
The journal records transactions first, so it is the book of original entry. The same transactions are then posted into the ledger, so the ledger is the book of second entry. It is also called the boo…
Who described the ledger as a classified and permanent record of transactions?
Answer
L.C. Cropper described the ledger as a book which contains a classified and permanent record of all the transactions of a business. This definition highlights both classification and permanence.
Who called the ledger the principal book of accounts?
Answer
J.R. Batliboi described the ledger as the principal book of accounts. This means all business transactions ultimately find their place under proper accounts in the ledger.
What does the page of a ledger account get called?
Answer
The pages of the ledger are called Ledger Folios. Each page is allotted to one account, such as Cash Account, Purchases Account, or a personal account.
How is a ledger account divided?
Answer
Each ledger account is divided into two equal sides: the debit side on the left and the credit side on the right. Each side has columns for date, particulars, journal folio, and amount.
What is the purpose of the particulars column in a ledger account?
Answer
The particulars column shows the name of the other account affected by the transaction. In the debit side, the word 'To' is used before the account name, and in the credit side, the word 'By' is used …
What is posting?
Answer
Posting means transferring the debit and credit items from the journal to their respective accounts in the ledger. Posting may be done daily or periodically, such as weekly, fortnightly, or monthly, d…
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