Greater transparency was introduced since September 1994 with the publication in government securities recorded by the RBI under subsidiary general ledger accounts ( SGL ).
22.
The trading profit and loss statement and balance sheet and other financial reports can then be produced using the ledger accounts listed on the trial balance.
23.
When people say, " debits must equal credits " they do " not " mean that the two columns of any ledger account must be equal.
24.
The accounting method that will be used is the double-entry accounting method, so every transaction is recorded as a debit and a credit in separate ledger accounts.
25.
The use of folio numbers makes it easy to refer back from the ledger account to the journal entry or forward from the journal entry to the ledger account.
26.
The use of folio numbers makes it easy to refer back from the ledger account to the journal entry or forward from the journal entry to the ledger account.
27.
Double-entry bookkeeping is not a guarantee that no errors have been made for example, the wrong ledger account may have been debited or credited, or the entries completely reversed.
28.
For example, if fifty sales on account were made during one day, fifty ledger postings would have to be made to three general ledger accounts : Accounts Receivable, Sales, and Sale Tax Payable.
29.
A " double-entry bookkeeping system " is a set of rules for recording financial information in a financial accounting system in which every transaction or event changes at least two different nominal ledger accounts.
30.
To his dismay, Badillo said, the auditors have found that the board uses at least 277, 000 different ledger accounts to track spending in its 35 divisions, bureaus and offices and 32 local school districts.
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