1. is the process of transferring journal entries to ledger accounts. See answer 2. The left-hand side of the ledger account is referred to the . See answer 3. The right-hand side of the ledger account is referred to as the . See answer 4. is the abbreviation used for debit. See answer 5. The term credit is usually abbreviated as . See answer 6. is a process that involves finding out the balance of a ledger account. See answer 7. If the debit side of an account is heavier than credit side, the account will show a balance. See answer 8. The difference between the totals of the two sides of a ledger account is called the . See answer 9. Liability accounts in the ledger normally show a balance. See answer 10. Asset accounts normally show a balance. See answer 11. The is often called the king of all books. See answer 12. The posting reference column in a ledger account refers to the of the general journal in which the journal entry has been made. See answer 13. The name of the account, which is written at the top, is referred to as the . See answer 14. Revenue/income accounts are expected to have a balance. See answer 15. The drawings account has a balance. See answer General Ledger: Fill In the Blanks FAQs What is a ledger? A ledger is a record of financial transactions. It can be either manual or electronic. A ledger typically includes the date of the transaction, the amount of money involved, and the party responsible for the transaction. Ledgers are used to track financial activity and ensure accuracy and accountability. What are some common ledger entries? Common ledger entries include cash receipts, cash payments, credit card charges, and bank deposits. What is the purpose of a ledger? The purpose of a ledger is to track financial activity and ensure accuracy and accountability. It can be used to verify that transactions have occurred, calculate Financial Statements, and investigate possible financial fraud. How do I create a ledger? There are many different ways to create a ledger. You can use a manual system, such as a notebook, or an electronic system, such as a spreadsheet. You can also use specialized software to create and manage your ledger. What is the difference between a ledger and a balance sheet? A ledger is a record of financial transactions, while a balance sheet summarizes a company's financial position. A balance sheet includes total assets, total liabilities, and net worth. About the Author True Tamplin, BSc, CEPF® Facebook Linkedin Instagram Twitter Youtube True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists. True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics. To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.
1. is the process of transferring journal entries to ledger accounts. See answer 2. The left-hand side of the ledger account is referred to the . See answer 3. The right-hand side of the ledger account is referred to as the . See answer 4. is the abbreviation used for debit. See answer 5. The term credit is usually abbreviated as . See answer 6. is a process that involves finding out the balance of a ledger account. See answer 7. If the debit side of an account is heavier than credit side, the account will show a balance. See answer 8. The difference between the totals of the two sides of a ledger account is called the . See answer 9. Liability accounts in the ledger normally show a balance. See answer 10. Asset accounts normally show a balance. See answer 11. The is often called the king of all books. See answer 12. The posting reference column in a ledger account refers to the of the general journal in which the journal entry has been made. See answer 13. The name of the account, which is written at the top, is referred to as the . See answer 14. Revenue/income accounts are expected to have a balance. See answer 15. The drawings account has a balance. See answer General Ledger: Fill In the Blanks FAQs What is a ledger? A ledger is a record of financial transactions. It can be either manual or electronic. A ledger typically includes the date of the transaction, the amount of money involved, and the party responsible for the transaction. Ledgers are used to track financial activity and ensure accuracy and accountability. What are some common ledger entries? Common ledger entries include cash receipts, cash payments, credit card charges, and bank deposits. What is the purpose of a ledger? The purpose of a ledger is to track financial activity and ensure accuracy and accountability. It can be used to verify that transactions have occurred, calculate Financial Statements, and investigate possible financial fraud. How do I create a ledger? There are many different ways to create a ledger. You can use a manual system, such as a notebook, or an electronic system, such as a spreadsheet. You can also use specialized software to create and manage your ledger. What is the difference between a ledger and a balance sheet? A ledger is a record of financial transactions, while a balance sheet summarizes a company's financial position. A balance sheet includes total assets, total liabilities, and net worth. About the Author True Tamplin, BSc, CEPF® Facebook Linkedin Instagram Twitter Youtube True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists. True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics. To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.