Ledger Homework Help
A record which is used to store and sort balance sheet statements is called a ledger account. They form a critical part of an organisation’s structure, and help to maintain its capital efficiently. The profits and losses can be estimated using a ledger account. Some of the common ledger accounts one might come across include Rent Expense, Service Fee Revenues, Advertising Expense, Salaries Expense, etc. to name a few. In case you have an assignment on ledger accounts and are stuck with a few doubts, this will help you get more profound insights into the topic and complete your homework with relative ease.
Objectives of a ledger account
The objectives or benefits of ledger accounts are widespread. Maintaining this is imperative for the smooth functioning of a business. The reasons behind creating and maintaining a ledger account are listed below:
- To calculate profit or loss – Since this has all the financial transactions of the business and the profit, losses, expenses, incomes, well documented, it is easy to determine the overall profit or loss of a business during a certain time.
- To understand the financial position of the company – Ledgers record the assets and liabilities of an organisation, and thus along with the profit or loss statement, they can be used to prepare a balance sheet and determine the financial position of the company.
- Permanent and classified information – The ledger account preserves all the records of different subjects in a permanent manner. It also classifies the information about a person, asset or expense.
- To maintain arithmetical accuracy – Ledger accounts make use of the double-entry system, which states that debit is always equal to credit and vice versa. This process helps establish a trial balance which provides a check in the documentation of the finances in the books.
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