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What Is Accounting Ledger Homework Answers?

by Sep 12, 2017Homework Answers

Ledger Homework Answers

Accounting careers are highly in demand and it is seen to increase with every passing year. Every student of accounting is familiar with accounts and ledger. Assignments and homework in this area are part and parcel of studies.
What is accounting ledger?
A ledger is what contains all accounts related to a company like assets, liabilities, owner’s equity, income, and expenses. It is the main pillar of accounting system. For every item of asset or liability, a separate account is maintained in ledger.
Steps in preparation of accounting ledger

  • All transactions are first recorded in journal entries. It is also called ‘book of original entries’ as all transactions are first entered
  • Accounting is based on double entry principles which means that for every transaction, recording is done in at least two different places, one debit, and one credit.
  • The process of transferring information from journal to ledger is called posting. Data is transferred to corresponding accounts in ledger.
  • All information relating to a particular account can be obtained from that ledger. For example, cash ledger will show all transactions where cash is involved.

Grasping Ledger homework answers
Preparing journal entries and accounting ledgers are commonest form of assignments given to students at beginner level. It will be tough for students to understand double entry concepts in beginning. When given a set of transactions to enter in journal and subsequently in ledger, students mostly stumble as they are not aware of corresponding areas where transaction affects. Solving ledger homework answers can be trying if basic concepts are not clear.
Learn rules of accounting
To all student of accounts, my first advice is to understand the 3 primary rules popularly known as ‘golden rules of accountancy.’ Without learning these rules, you can’t move a single step forward.

  • For all personal accounts, giver is known as credit, receiver is known as debit. For example, if John is paid $100 by Max, debit John’s account as he is receiving cash and credit, Max, as he is giving.
  • For all real accounts, credit is that amount which goes out, while debit is that amount which comes in. When you buy furniture for cash, debit furniture as it comes in. What is going out is cash, so credit cash account.
  • For all nominal accounts, all incomes are termed as credit, while all expenditure is termed as debit. When rent is paid as cash, rent account is to be debited as it is an expense and cash is to be credited as cash is real account and going by rules, credit all outgoings.

These may look a bit abstract in the beginning, but once you grasp rules, it is easy.
Why students stumble in ledger homework answers
Many students have been heard complaining about ledger related assignments. From making entries in journal to posting them in respective accounts in ledger, everything poses problems for you, unless you get a thorough knowledge of theories.

  • Inability to categorize accounts as real, nominal and personal will lead to confusions as to what to debit and credit. Rules are different for three different types. For example, when an item is given as salary paid, there is no confusion. It is surely an expense. But think of an item, bad debts. Does it qualify as expense? Such doubts creep into your mind due to lack of in-depth studies.
  • Not paying enough attention in class is what makes subjects difficult to crack. This is an area where learning concepts is a must. So students, listen to your teachers.
  • Aversion for numbers is another deterrent for many students. Here, there is no alternative other than getting over your dislike. Ledger homework answers are all about number play. So learn to love it.

How to excel in ledger accounting
At the outset, let me ensure you all, accounting is easy and interesting once you get into the groove of it.

  • Concept clarity:

In accounting realm, clarity of concepts is essential. I agree it may sound abstract first when you say all irrecoverable or bad debts are to be considered as expenses. But accounting rules laid out have to be strictly followed when you take it up as a profession. So learn right from the start.

  • Lots of practice:

Concepts will be clear only after practice. You need to do lots of practice problems to get your ledger homework answers all correct.

  • Take notes:

When your teacher explains things, listen to him and also take notes of important points. When you come across an item which can cause mistake while doing homework, immediately note it down.

  • Ask for help:

This is something most students hesitate to do. They don’t want to admit that they haven’t understood. There is no shame in asking for one more explanation. It will be far better than struggling later on.
Homework help sites to your rescue
We are living in a world of technology. Studies have also benefitted from this. These days there are lots of student help websites where you get reliable help. There are several advantages of taking help of these sites.

  • Reliable sites help in completing homework in time. They have experts who are well versed with all types of assignments. So you get correct answers within deadlines.
  • They help to learn concepts thoroughly as they have subject experts working twenty-four hours for students.
  • If you get doubts, you can clear it online. No need to travel all the way to your professor’s place to grasp topics.
  • You get to do lots of practice. As we know, practice is what makes your fundamentals strong.

So next time you get into trouble with ledger homework answers, hunt for some reliable site. It is definitely going to be worth a try.
Word of caution
Not every site that you get is reliable. There are as many fraudsters as real ones. So be careful while selecting a site for your homework needs.

  • Check their previous rates of completion. Reliable sites will have a long history of successful completion.
  • See whether they do really have experts to work for them.
  • Last, rate they charge should also be compared with quality.

If you exercise proper caution, educational websites can prove to be of major help in completing ledger homework answers.