BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current is called file maintenance.

Detailed explanation-2: -The procedure of arranging accounts in a general ledger, assigning account numbers, and keeping current records is called posting.

Detailed explanation-3: -A chart of accounts is a listing of the names of the accounts that a company has identified and made available for recording transactions in its general ledger. A company has the flexibility to tailor its chart of accounts to best suit its needs, including adding accounts as needed.

Detailed explanation-4: -The general ledger is used to keep track of all of the accounts, while the subsidiary ledger is utilized to record transactions for one specific account in the general ledger. The chart of accounts is a list of all the various accounts used to record a company’s financial transactions.

Detailed explanation-5: -Transactions in the journal are grouped by accounts in the order of assets, liabilities, equity, income, and expenses. They are then transferred to the ledger. Ledger entries appear in the order of accounts compared to the journal’s chronological order.