Unit-2 The Accounting Process

This unit discusses how various transactions are recorded in the Journal and how they will be posted into the concemed ledger accounts.

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What is Trial Balance? Explain how it is prepared?

What is Journal?

What is the purpose of writing narration?

Name the five accounts which are maintained in lied of Goods Account?

Distinguish between trade discount and cash discount?

Why do you balance an account?

What do you mean by a debit balance of an account?

"Ledger is said to be the principal book of entry and the transactions can even be directly entered into the ledger account." Elaborate on the statement and explain why Journal is necessary?

What does balancing an account mean? Explain how an account is balanced?

What is the significance of debit and credit balance in different types of accounts?

What do you understand by an opening entry? How is an opening entry posted into the ledger?

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What does balancing an account mean? Explain how an account is balanced?

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What does balancing an account mean? Explain how an account is balanced?

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