which of the following describes a general ledger? course hero

Which of the following describes a general ledger?

Which of the following describes a general ledger? The general ledger is a record containing all accounts used by a company.

Which of the following is an example of a general ledger?

Examples of General Ledger Accounts asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment. liability accounts including Notes Payable, Accounts Payable, Accrued Expenses Payable, and Customer Deposits.

How would you describe general ledger experience?

General ledger experience involves using bank documents, payroll reports, sales receipts and invoices to update the general ledger.Jan 14, 2019

What is a general ledger simple definition?

Definition: The general ledger or ledger is a record of all the accounts that the company uses. In all modern accounting systems, the general ledger is computerized. A general ledger divides accounts into three account types: assets, liabilities, and equity accounts.

What is general ledger and sub ledger?

General ledger accounts provide summaries, while subledger accounts provide details. Your general ledger is designed to provide the balance of each of the accounts in your chart of accounts, while the subledger is designed to provide you with the details that make up that particular account.Jan 4, 2021

Which of the following should be included in a general ledger?

The general ledger is comprised of all the individual accounts needed to record the assets, liabilities, equity, revenue, expense, gain, and loss transactions of a business. In most cases, detailed transactions are recorded directly in these general ledger accounts.Mar 1, 2022

What is the role of the general ledger?

In accounting, a general ledger is used to record all of a company's transactions. Within a general ledger, transactional data is organized into assets, liabilities, revenues, expenses, and owner's equity.

What are general ledger skills?

General ledger accountants correct mistakes as necessary and are comfortable interpreting the accuracy of financial documents. Communication skills – general ledger accountants use great verbal and written communication skills to interact effectively with workers of all levels throughout the company.

What is the role of general ledger accountant?

Also known as general ledger accountants, GL accountants ensure that an organization's accounting information and practices are accurately reflected. They gather and verify the accuracy of financial data, check journal entries, and reconcile accounts.

What is the purpose of a general ledger quizlet?

A general ledger is a complete record of financial transactions over the life of a company. The ledger holds account information that is needed to prepare financial statements, and it includes accounts for assets, liabilities, owners' equity, revenues, and expenses.

What is general ledger accounting in SAP?

General Ledger (G/L) accounts are used to provide a picture of external accounting and accounts and to record all the business transactions in a SAP system. This software system is fully integrated with all the other operational areas of a company and ensures that the accounting data is always complete and accurate.

What is a general journal?

The general journal is a book or database where economic events are recorded. A transaction entry in the general journal, called a journal entry, is made using double-entry accounting. Finally, these are all the pieces needed to create financial reports. This is a basic accounting system. Jim has earned $299 in wages.

Why do accountants use double entry?

Accountants use the double-entry accounting system as part of the system to keep track of events. The creation of financial statements begins with transactions as the starting point of an accounting system, and the financial statements are the end. Transactions will be recorded in the accounting books of a person or organization.

What happens when a company sells mouse traps?

If a company sells mouse traps on account (on credit) instead of for cash, receivables is debited, increasing the receivables balance (debit subtotal). When the amount owed is collected from the customer, the receivables amount is credited, and the balance in account is zero.

Where are accounts stored?

All account transactions are stored in the general ledger. The general journal shows economic events in the order in which they were recorded. An accounting system is a way of keeping track and telling the story of economic events that occurred to an individual or an organization. Accountants use the double-entry accounting system as part ...

Where are transactions recorded?

Transactions will be recorded in the accounting books of a person or organization. Even though they are databases today, think of an accounting book as a book with many pages. Each page is for a separate account. The book with the accounts on separate pages for each account is called the general ledger.

What is chart of accounts?

A list of all the different accounts, called the chart of accounts, is set up for keeping track of them in the general ledger. The chart of accounts is a list of all accounts including assets, liabilities, revenues, expenses, and equity, as a means of keeping track in the general ledger. To set up the pages of the general ledger, ...

What is balance sheet accounting?

The balance sheet represents the value, ownership, and obligations of a company. Within the balance sheet, accountants group accounts that are normally debits together as assets. Accounts that are normally credits are grouped as either liabilities or as equity if the accounts record ownership interests.