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The total of the subledger would match the line item amount on the general ledger. [1] This corresponding line item in the general ledger is referred to as the controlling account. The subsidiary ledger balance is compared with its controlling account balance as part of the process of preparing a trial balance. [2]
A general journal is a daybook or subsidiary journal in which transactions relating to adjustment entries, opening stock, depreciation, accounting errors etc. are recorded. The source documents for general journal entries may be journal vouchers, copies of management reports and invoices.
The subsidiary ledger allows for tracking transactions within the controlling account in more detail. Individual transactions are posted both to the controlling account and the corresponding subsidiary ledger, and the totals for both are compared when preparing a trial balance to ensure accuracy. For example, "accounts receivable" is the ...
This ledger consists of the records of the financial transactions made by customers to the business. Purchase ledger is the record of the company's purchasing transactions; it goes hand in hand with the Accounts Payable account. General ledger, representing the original five, main accounts: assets, liabilities, equity, income, and expenses.
In Australian law, primary legislation includes acts of the Commonwealth Parliament and state or territory parliaments.Secondary legislation, formally called legislative instruments, are regulations made according to law by the executive or judiciary or other specified bodies which have the effect of law. [3]
Judgments may interpret statutes or subsidiary legislation, or develop principles of common law and equity laid down, not by the legislature, but by previous generations of judges. Major portions of Singapore law, particularly contract law , equity and trust law , property law and tort law , are largely judge-made, though certain aspects have ...
The secondary mortgage market is a financial marketplace, where investors buy and sell bundled packages consisting of many individual loans — called mortgage-backed securities.
A ledger account is created for each account in the chart of accounts for an organization and is classified into account categories, such as income, expense, assets, liabilities, and equity; the collection of all these accounts is known as the general ledger. The general ledger holds financial and non-financial data for an organization. [3]