4.2 What is the format of the ledger accounts? Flashcards
1
Q
How are the ledger accounts presented in a computerised accounting system?
A
The ledger accounts are presented in the columnar format.
2
Q
How are the ledger accounts presented in a manual accounting system?
A
In a manual accounting system, the T-format is used.
3
Q
What is the columnar format of the ledger account like?
A
The columnar ledger account has columns for date, particulars, debit amount, credit amount and a running balance.
4
Q
How is the effect of each transaction recorded?
A
The effect of each transaction is recorded in the debit or credit column depending on how the account is affected.
5
Q
How happens after every transaction is recorded?
A
The balance column is calculated to show the remaining balance.
