Ledgers Flashcards
1
Q
What are the three types of ledger?
A
Sales ledger
Purchases ledger
General ledger
2
Q
What does a sales ledgers do?
A
It holds customer accounts with the names of the business’s credit customers.
3
Q
What does a purchases ledger do?
A
It holds supplier accounts with the names of the business’s credit suppliers.
4
Q
What does a general ledger do?
A
It holds all other accounts.
5
Q
Why are ledgers important?
A
They keep the accounts tidy.
