Ledger

Question 1

Ledger

Answer 1

Accounting record that contains a number of ‘files’ called accounts.

Records all changes to particular asset, liability, equity, income, and expense item

Question 2

Double entry accounting

Answer 2

Any transaction always has two effects on the accounting equation - but the accounting equation ALWAYS remains balanced/equal. Every entry in a DR account will have an equal and corresponding Cr entry in another ledger account.