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.

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2
Q

How are the ledger accounts presented in a manual accounting system?

A

In a manual accounting system, the T-format is used.

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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.

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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.

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5
Q

How happens after every transaction is recorded?

A

The balance column is calculated to show the remaining balance.

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