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General Ledger Accounting

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Questions and Answers

What is the main purpose of the Accounts Payable Subsidiary Ledger?

To determine the company's net income

To monitor and record business transactions with each supplier (correct)

To record all company transactions

To calculate the company's total assets

What is the 'Ref' column in the Accounts Payable Subsidiary Ledger used for?

To describe the business transaction

To record the date of the transaction

To calculate the debit or credit amount

To reference the source document (correct)

What does the 'Balance' column in the Accounts Payable Subsidiary Ledger show?

The total credit amount for each supplier

The total amount owed to each supplier

The running balance after adding or deducting the previous business transaction (correct)

The total debit amount for each supplier

What is the 'Supplier No.' column in the Accounts Payable Subsidiary Ledger used for?

To assign a unique account number to each supplier Signup and view all the answers

What is the 'Description' column in the Accounts Payable Subsidiary Ledger used for?

To describe the business transaction Signup and view all the answers

What is the Accounts Payable Subsidiary Ledger used to monitor?

The business transactions with each supplier Signup and view all the answers

What does the 'Credit' column in the Accounts Payable Subsidiary Ledger represent?

Amounts that were recorded as a credit account Signup and view all the answers

What does the 'Debit' column in the Accounts Payable Subsidiary Ledger represent?

Amounts that were recorded as a debit account Signup and view all the answers

What is the main difference between a ledger and a journal?

A ledger is used for recording specific accounts, while a journal is used for recording all business transactions Signup and view all the answers

What is the origin of the word 'journal'?

From the Latin word 'diurnalis', which means daily Signup and view all the answers

General Ledger Accounting

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Podcast

Questions and Answers

What is the main purpose of the Accounts Payable Subsidiary Ledger?

What is the 'Ref' column in the Accounts Payable Subsidiary Ledger used for?

What does the 'Balance' column in the Accounts Payable Subsidiary Ledger show?

What is the 'Supplier No.' column in the Accounts Payable Subsidiary Ledger used for?

What is the 'Description' column in the Accounts Payable Subsidiary Ledger used for?

What is the Accounts Payable Subsidiary Ledger used to monitor?

What does the 'Credit' column in the Accounts Payable Subsidiary Ledger represent?

What does the 'Debit' column in the Accounts Payable Subsidiary Ledger represent?

What is the main difference between a ledger and a journal?

What is the origin of the word 'journal'?

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