General Ledger: The general ledger records all accounts relevant to depict its assets, liabilities, and equities along with the incomes, expenses, and losses etc in a summarized form. It includes the debit and credit values of all the accounts, of which both, the total of all debit values and credit values should equalize. All the accounts are allotted a unique identifying numbers of the account to be more record friendly for its end users in later stages of preparation of financial statements. Chart: A chart of accounts is a list form of all the accounts appearing in the General Ledger of the company. Each account is listed with its unique identification number which is allotted on the basis of the nature of accounts in the General Ledger. The items that best completes the descriptions below.

Question

Want to see the full answer?

Answer 1

Question

Chapter 2, Problem 3E

To determine

General Ledger:

The general ledger records all accounts relevant to depict its assets, liabilities, and equities along with the incomes, expenses, and losses etc in a summarized form. It includes the debit and credit values of all the accounts, of which both, the total of all debit values and credit values should equalize. All the accounts are allotted a unique identifying numbers of the account to be more record friendly for its end users in later stages of preparation of financial statements.

Chart:

A chart of accounts is a list form of all the accounts appearing in the General Ledger of the company. Each account is listed with its unique identification number which is allotted on the basis of the nature of accounts in the General Ledger.

The items that best completes the descriptions below.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

An accounting clerk would take first which of the following steps? A. Post individual amounts to the subsidiary ledgers. B. File source documents C. Journalize the business transaction D. Post to the general ledgers.

Subject - account Please help me. Thankyou.

The entire group of accounts for a company is referred to as the: a. general ledger b. worksheet c. journal d. document of original entry

Answer 2

Question

Chapter 2, Problem 3E

To determine

General Ledger:

The general ledger records all accounts relevant to depict its assets, liabilities, and equities along with the incomes, expenses, and losses etc in a summarized form. It includes the debit and credit values of all the accounts, of which both, the total of all debit values and credit values should equalize. All the accounts are allotted a unique identifying numbers of the account to be more record friendly for its end users in later stages of preparation of financial statements.

Chart:

A chart of accounts is a list form of all the accounts appearing in the General Ledger of the company. Each account is listed with its unique identification number which is allotted on the basis of the nature of accounts in the General Ledger.

The items that best completes the descriptions below.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 2, Problem 3E

To determine

General Ledger:

The general ledger records all accounts relevant to depict its assets, liabilities, and equities along with the incomes, expenses, and losses etc in a summarized form. It includes the debit and credit values of all the accounts, of which both, the total of all debit values and credit values should equalize. All the accounts are allotted a unique identifying numbers of the account to be more record friendly for its end users in later stages of preparation of financial statements.

Chart:

A chart of accounts is a list form of all the accounts appearing in the General Ledger of the company. Each account is listed with its unique identification number which is allotted on the basis of the nature of accounts in the General Ledger.

The items that best completes the descriptions below.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 2, Problem 3E

To determine

General Ledger:

The general ledger records all accounts relevant to depict its assets, liabilities, and equities along with the incomes, expenses, and losses etc in a summarized form. It includes the debit and credit values of all the accounts, of which both, the total of all debit values and credit values should equalize. All the accounts are allotted a unique identifying numbers of the account to be more record friendly for its end users in later stages of preparation of financial statements.

Chart:

A chart of accounts is a list form of all the accounts appearing in the General Ledger of the company. Each account is listed with its unique identification number which is allotted on the basis of the nature of accounts in the General Ledger.

The items that best completes the descriptions below.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 2, Problem 3E

To determine

General Ledger:

The general ledger records all accounts relevant to depict its assets, liabilities, and equities along with the incomes, expenses, and losses etc in a summarized form. It includes the debit and credit values of all the accounts, of which both, the total of all debit values and credit values should equalize. All the accounts are allotted a unique identifying numbers of the account to be more record friendly for its end users in later stages of preparation of financial statements.

Chart:

A chart of accounts is a list form of all the accounts appearing in the General Ledger of the company. Each account is listed with its unique identification number which is allotted on the basis of the nature of accounts in the General Ledger.

The items that best completes the descriptions below.

Answer 6

Chapter 2, Problem 3E

To determine

General Ledger:

The general ledger records all accounts relevant to depict its assets, liabilities, and equities along with the incomes, expenses, and losses etc in a summarized form. It includes the debit and credit values of all the accounts, of which both, the total of all debit values and credit values should equalize. All the accounts are allotted a unique identifying numbers of the account to be more record friendly for its end users in later stages of preparation of financial statements.

Chart:

A chart of accounts is a list form of all the accounts appearing in the General Ledger of the company. Each account is listed with its unique identification number which is allotted on the basis of the nature of accounts in the General Ledger.

The items that best completes the descriptions below.

Answer 7

Chapter 2, Problem 3E

To determine

General Ledger:

The general ledger records all accounts relevant to depict its assets, liabilities, and equities along with the incomes, expenses, and losses etc in a summarized form. It includes the debit and credit values of all the accounts, of which both, the total of all debit values and credit values should equalize. All the accounts are allotted a unique identifying numbers of the account to be more record friendly for its end users in later stages of preparation of financial statements.

Chart:

A chart of accounts is a list form of all the accounts appearing in the General Ledger of the company. Each account is listed with its unique identification number which is allotted on the basis of the nature of accounts in the General Ledger.

The items that best completes the descriptions below.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 2 - Amalia Company received its utility bill for the...Ch. 2 - On May 1, Mattingly Lawn Service collected $2,500...Ch. 2 - Liang Shue contributed $250,000 cash and land...Ch. 2 - A trial balance prepared at year-end shows total...Ch. 2 - Bonaventure Company has total assets of...Ch. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - Prob. 2DQ Ch. 2 - Prob. 3DQ Ch. 2 - Prob. 4DQ Ch. 2 - Prob. 5DQ

Solution Summary: The author explains that a general ledger records all accounts relevant to depict its assets, liabilities, and equities along with its incomes, expenses and losses. A chart of accounts depicts only the list of names of all

Want to see the full answer?

Chapter 2 Solutions