Ledger — Flashcards
NIOS · Class 12 · Accountancy
22 flashcards for Ledger (NIOS Class 12 Accountancy) to test yourself on key terms and facts. Sample: "What is a Ledger? Define it in the context"
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What is a Ledger? Define it in the context of accounting.
Answer
A Ledger is a book of accounts in which all types of accounts relating to assets, liabilities, capital, expenses, and revenues are maintained. It is a bound book with consecutively numbered pages (or …
Why is the Ledger called the 'Principal Book of Accounts'?
Answer
The Ledger is called the Principal Book of Accounts because it is the final repository of all classified accounting information. While journals record transactions in chronological order as they occur…
What are the key features of a Ledger?
Answer
The key features of a Ledger are: (1) It is an account book containing various accounts to which business transactions are posted; (2) It is a book of final entry because transactions first recorded i…
What does 'Posting' mean in accounting?
Answer
Posting is the process of transferring entries from the Journal (or special purpose books) to their respective accounts in the Ledger. It is the act of taking individual journal entries and recording …
What are the steps involved in posting a journal entry to the Ledger?
Answer
The steps for posting a journal entry to the Ledger are: (1) Identify both the debit and credit accounts from the journal entry; (2) Open both accounts in the Ledger; (3) For the debit account: Write …
Explain the purpose and importance of the Folio column in Ledger posting.
Answer
The Folio (JF and LF) columns serve as cross-reference tools between the Journal and Ledger, creating an audit trail. JF (Journal Folio) in the Ledger shows the page number of the Journal from which t…
What are the seven main types of Ledgers in a large business organization?
Answer
The seven main types of Ledgers are: (1) Assets Ledger - contains accounts of assets like Machinery, Building, Furniture; (2) Liabilities Ledger - contains accounts of liabilities like Capital, Loans,…
Why do large business organizations maintain multiple Ledgers instead of a single Ledger?
Answer
Large business organizations maintain multiple Ledgers instead of a single Ledger because: (1) Volume of accounts - the number of accounts may run into hundreds, making a single Ledger impractical and…
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