The General Ledger (Junior Cert Business Studies): Flashcards
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Practise the cards
15 cards from this deck
What step is the general ledger in the accounting process?
What step is the general ledger in the accounting process?
Second major step
What is a general ledger?
What is a general ledger?
System recording all financial transactions of a business
What does the general ledger provide for time periods?
What does the general ledger provide for time periods?
Summary totals
Debit side in ledger records what?
Debit side in ledger records what?
Assets and expenses
Credit side in ledger records what?
Credit side in ledger records what?
Liabilities, income, and gains
Current assets definition
Current assets definition
Cash or items becoming cash within one year
Fixed assets definition
Fixed assets definition
Long-term items that last many years
Current liabilities definition
Current liabilities definition
Money owed within one year
Long-term liabilities definition
Long-term liabilities definition
Money owed over more than one year
What is 'posting' in accounting?
What is 'posting' in accounting?
Transferring info from cash book to ledger accounts
Posting rule: cash book sides in ledger?
Posting rule: cash book sides in ledger?
Opposite side (debit→credit, credit→debit)
Why balance ledger accounts with entries on both sides?
Why balance ledger accounts with entries on both sides?
To find the net position
Date format for general ledger?
Date format for general ledger?
dd/mm/yyyy
When to enter cash book totals in ledger?
When to enter cash book totals in ledger?
Last day of the month
What does trial balance check?
What does trial balance check?
All debits equal all credits