Advanced Ledger Accounts (Grade 10 NSC Matric Accounting): Flashcards

Cost price (amount business paid for goods)

Records all inventory movements using perpetual inventory system

Summary accounts in General Ledger showing total debtors/creditors

Debit balance (asset - money owed to business)

Credit balance (liability - money business owes)

Comparing control account with subsidiary ledger totals to match

Increases in stock (purchases, returns from customers)

Decreases in stock (cost of sales, drawings, donations)

Post double the amount to correct

Cheque returned by bank because it couldn't be honoured