Tag: ledger and posting
Questions Related to ledger and posting
Ledger posting is made before passing journal entry.
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True
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False
Ledger posting is made after recording the journal entries in the book of original entry. Once the transactions are recorded in the journal, theses are transferred or posted to the relevant ledger accounts.
All entries are posted from journal to _______.
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ledger
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balance sheet
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trial balance
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cash A/c
The first step involves identifying the transactions to be recorded and preparing the source documents which are in turn recorded in the basic book of original entry called journal and are then posted to individual accounts in the principal book called ledger.
____________ is a process of transferring journal entry to ledger.
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Journalisation
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Ledger Posting
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Casting
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Recording
Posting is the process of transferring the entries from the books of original entry (journal) to the ledger. In other words, posting means grouping of all the transactions in respect to a particular account at one place for meaningful conclusion and to further the accounting process. Positing from the journal is done periodically, may be, weekly or fortnightly or monthly as per the requirements and convenience of the business.
Recording of a transaction in journal is called posting.
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True
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False
Ledger posting means making entries of the transactions in the ledger books from the journals. Posting is a process of transferring debit and credit aspects of the entries appearing in the journal and other books of original entry to the debit and credit sides of the relevant accounts in the ledger.
Ledger Folio is recorded in Journal.
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True
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False
Ledger folio is the page number or folio number that is recorded in the L.F. column in the Journal.
Recording business transaction in the journal is known as posting.
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True
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False
Journalising is the process of recording the aspects of the transactions in journal. In other words, recording of entries in the journal is known as journalising.
With the help of journal and ledger, cross checking of business transactions not possible.
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True
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False
Cash purchase of raw material is initially recorded in_________.
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purchase day book
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cash book
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directly in Purchase A/c
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any of the above three
All cash transactions are first recorded in cash book. Hence cash purchase of raw material is also to be recorded in cash book.
A summary record of the changes in a particular asset, liability or owners equity is known as _________.
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Account
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Account current
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Proforma Account
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Ledger
The detailed record of all the changes that have occurred in a particular asset, liability, or owner's equity during a period is known as account. It is a record or statement of financial expenditure and receipts relating to a particular period or purpose.
The transferring of amount from the journal to the appropriate accounts in the ledger is called _________.
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Recording
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Journalising
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Journal entry
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Posting
All journal entries must be transferred to a book to have the summary of each account. The book where these individual account are opened is called ledger. Process of transferring the entries from journal to ledger is called posting.