10 Questions
What is the main purpose of the Accounts Payable Subsidiary Ledger?
To monitor and record business transactions with each supplier
What is the 'Ref' column in the Accounts Payable Subsidiary Ledger used for?
To reference the source document
What does the 'Balance' column in the Accounts Payable Subsidiary Ledger show?
The running balance after adding or deducting the previous business transaction
What is the 'Supplier No.' column in the Accounts Payable Subsidiary Ledger used for?
To assign a unique account number to each supplier
What is the 'Description' column in the Accounts Payable Subsidiary Ledger used for?
To describe the business transaction
What is the Accounts Payable Subsidiary Ledger used to monitor?
The business transactions with each supplier
What does the 'Credit' column in the Accounts Payable Subsidiary Ledger represent?
Amounts that were recorded as a credit account
What does the 'Debit' column in the Accounts Payable Subsidiary Ledger represent?
Amounts that were recorded as a debit account
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
What is the origin of the word 'journal'?
From the Latin word 'diurnalis', which means daily
Learn about general ledger and its role in accounting. Understand how it groups different accounts to prepare financial statements. Test your knowledge on general ledger posting and its importance in finance.
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