General Ledger: Fill In the Blanks

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on March 25, 2022

1. is the process of transferring journal entries to ledger accounts.

2. The left-hand side of the ledger account is referred to the .

3. The right-hand side of the ledger account is referred to as the .

4. is the abbreviation used for debit.

5. The term credit is usually abbreviated as .

6. is a process that involves finding out the balance of a ledger account.

7. If the debit side of an account is heavier than credit side, the account will show a balance.

8. The difference between the totals of the two sides of a ledger account is called the .

9. Liability accounts in the ledger normally show a balance.

10. Asset accounts normally show a balance.

11. The is often called “the king of all books.”

12. The posting reference column in a ledger account refers to the of the general journal in which the journal entry has been made.

13. The name of the account, which is written at the top, is referred to as the .

14. Revenue/income accounts are expected to have a balance.

15. The drawings account has a balance.

Frequently Asked Questions

What is a ledger?

A ledger is a record of financial transactions. It can be either manual or electronic. A ledger typically includes the date of the transaction, the amount of money involved, and the party responsible for the transaction. Ledgers are used to track financial activity and ensure accuracy and accountability.

What is the purpose of a ledger?

Common ledger entries include cash receipts, cash payments, credit card charges, and bank deposits.

What is the purpose of a ledger?

What is the purpose of a ledger?

How do I create a ledger?

There are many different ways to create a ledger. You can use a manual system, such as a notebook, or an electronic system, such as a spreadsheet. You can also use specialized software to create and manage your ledger.

What is the difference between a ledger and a balance sheet?

A ledger is a record of financial transactions, while a balance sheet summarizes a company’s financial position. A balance sheet includes total assets, total liabilities, and net worth.

True Tamplin, BSc, CEPF®

About the Author
True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.

2 thoughts on "General Ledger: Fill In the Blanks"

  1. wow, so good to see if i can still remember elementary accounts. it’s educative and motivating

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