An accounting system includes a separate record for each item that appear in the balance sheet.
A separate record is kept for the assets cash showing all the increase and decrease in cash which result from the many transaction in which cash is received or paid .A similar record is kept for every other assets for every liabilities and for owner equity
the form of record used to increase and decreases in a single balance sheet item is called an account .
some ledger account all these separate accounts are usually kept in a loose leaf binder and the entire group of accounts is called a ledger.
many business use computer for maintaining accounting records they store data on magnetic disc rather then in ledger an understanding of accounting concepts mostly easily acquired by study of a manual accounting system.
The knowledge gained by working with manually accounting records is readily transferable to any type of automated accounting system.
Ledger accounts in our study of basic accounting concept these written records continue to be used by a great many business our purpose they should be viewed as conceptual devices rather than as physical components of an accounting system.
A separate record is kept for the assets cash showing all the increase and decrease in cash which result from the many transaction in which cash is received or paid .A similar record is kept for every other assets for every liabilities and for owner equity
the form of record used to increase and decreases in a single balance sheet item is called an account .
some ledger account all these separate accounts are usually kept in a loose leaf binder and the entire group of accounts is called a ledger.
many business use computer for maintaining accounting records they store data on magnetic disc rather then in ledger an understanding of accounting concepts mostly easily acquired by study of a manual accounting system.
The knowledge gained by working with manually accounting records is readily transferable to any type of automated accounting system.
Ledger accounts in our study of basic accounting concept these written records continue to be used by a great many business our purpose they should be viewed as conceptual devices rather than as physical components of an accounting system.
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