General Ledger – Fill In the Blanks

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on August 15, 2021

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

2. The left hand side of the ledger account is termed as .

3. The right hand side of the ledger account is termed as .

4. is the abbreviation used for debit.

5. The term credit is usually abbreviated by .

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

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

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

9. Liability accounts in the ledger normally show balance.

10. Asset accounts normally show balance.

11. is known as the king of all books.

12. The posting reference column in a ledger account means of the general journal where the journal entry has been made.

13. The name of the account written at the top is termed as .

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

15. Drawings account has a balance.

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 contributes to his own finance dictionary, 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, his interview on CBS, or check out his speaker profile on the CFA Institute website.

2 thoughts on “General Ledger – Fill In the Blanks”

Leave a Comment