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Inedu Emmanuel Oche Acc101 Assignment

Inedu Emmanuel Oche Acc101 Assignment

Assignment ACC 101- INTRODUCTION TO BASIC ACCOUNTING Jamb reg. No: 66629503HA. Level: 100L Name: Inedu Emmanuel Oche Department: Business Administration. Course option: B.sc Business Administration Course Lecturer: Mr. Gozie Umeh. Highlight any four (4) differences between journals and ledgers. Attempt: First, it expedient to know what Journals and Ledgers are, by way of definition, Journal is a subsidiary day book where monetary transactions are recorded for the first time, whenever they arise, the transactions are recorded in an orderly manner so that they can be referred in future, it usually highlights the two accounts which are affected by the occurrence of the transaction, one of which is debited and the other credited. It comprise of the following columns- date, particular, folio, debit and credit, On the other hand, Ledger is a principal book which comprises a set of accounts, where the transactions are transferred from the journals. Once the transactions are entered in the journals, they are then classified and posted into separate accounts called ledgers, they are various types namely, real, personal and nominal accounts. The difference between journals and ledgers includes: 1. Journal is a subsidiary book and the book of original entry, while ledger is a principal book and the second book where transactions are transferred from journal. 2. In journal, narration must be given to back up or support the entries, whereas no narration requirement is needed in ledger. 3. Journal need not be balanced on conclusion of financial entries; however, ledger must be balanced at the end of all entries. 4. Debit and credit sides are columns on journals why they are two opposite sides in ledgers.

 
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Basic Accounting (Acc101)

Basic Accounting (Acc101)

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Account in the general journal that does not close at the end of a period. In other words, these accounts stay open allowing their balances to accumulate and carry over to the next period for the company’s lifetime. Accounts are income statement accounts and are also called 'temporary accounts' in contrast to balance sheet (asset, liability, and owners' equity) accounts which are called 'permanent accounts' or 'real accounts.'

 
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