BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A general ledger summarizes all the transactions entered through the double-entry bookkeeping method. Under this method, each transaction affects at least two accounts; one account is debited, while another is credited. The total debit amount must always be equal to the total credit amount.

Detailed explanation-2: -A general ledger sorts and summarizes all information affecting income statement and balance sheet accounts. Accounts payable is a single general ledger account that summarizes the total amount owed to all vendors. Daily general ledger account balances are necessary for a business.

Detailed explanation-3: -General ledger accounts encompass all the transaction data needed to produce the income statement, balance sheet, and other financial reports. General ledger transactions are a summary of transactions made as journal entries to sub-ledger accounts.

Detailed explanation-4: -An account in a general ledger that summarizes all accounts in a subsidiary ledger is called a controlling account. The balance of a controlling account equals the total of a related subsidiary ledger.

Detailed explanation-5: -The General Ledger Summary report provides you with a summary of all the transactions for the current month or a customized time period. The General Ledger Detail reports provide the starting balance, ending balance and all of the transactions for the period organized by account.