BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A general ledger is used by businesses that employ the double-entry bookkeeping method, which means that each financial transaction affects at least two sub-ledger accounts, and each entry has at least one debit and one credit transaction.

Detailed explanation-2: -The double entry system is an accounting system that is used and accepted worldwide for the maintaining of accounts. The double account system, on the other hand, was developed specifically for public utility firms that spent a large sum of capital on the purchase of fixed assets.

Detailed explanation-3: -The Dual Effect of Transactions Answer: In every transaction, a cause-and-effect relationship is always present. For example, the accounts receivable balance increases because of a sale. Cash decreases as a result of paying salary expense. Cost of goods sold increases because inventory is removed.

Detailed explanation-4: -What Is Double Entry? Double entry, a fundamental concept underlying present-day bookkeeping and accounting, states that every financial transaction has equal and opposite effects in at least two different accounts.

Detailed explanation-5: -The duality concept means that every transaction has two effects. The basic principle of double-entry accounting is for every transaction recorded there should be a debit entry and a credit entry in the relevant T-accounts according to the following double-entry rules: Table 3 Rules of double entry revisited.