General ledger account is used by an organization to record and state its balance sheet and income statement. The ledger provides a complete listing of daily transactions of a business organization. Ledger can further be described as a book in which the accounts are maintained on a daily basis.
An organization by maintaining its balance sheet accounts can calculate its profit and loss of the business. Accounting and Ledge have always been a difficult and critical subject for students. This above-stated problem statement can be solved by seeking help for online service providers of theoretical questions ledger accounts homework answers.
Ledger Accounts and its two sides which can be understood through theoretical questions ledger accounts homework answers.
What are the points to note?
There are majorly two main types of ledger accounts Balance Sheet and Income statements. Balance Sheet ledger accounts are maintained with respects of the assets, liabilities, debts, equity components. On the other hand, Income statements are usually maintained by the business companies for recording regular incomes and expenditures.
By keeping records and maintaining either or both of the statements an organization or a business can channelize its expenditures and calculate its profits or income.
The financial accounting principles are the basis for the establishment of any business entity. Organizational growth & objectives, salaries, profit, losses, debts, liabilities and all other financial transactions are extremely critical, and a single mistake in ledger entries can be dreadful for business organizations.
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Ledger accounts are formulated by every business organization through double entry book-keeping method. To further explain, the financial transactions are reflected in the books twice, and each entry has a debit as well as credit side.
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