Self-Check-5
Write appropriate answer
1. What is a ledger?
2. What is meant by posting?
3. What is meant by balancing?
4. What methods are used to prepare ledger accounts?
5. What is meant by balance?
6. What is difference between debit balance and credit balance?
7. What is meant by zero balance?
8. What abbreviations are used for debit and credit?
9. A ledger account has two sides: a left side and a right side. In bookkeeping and accounting
are these two sides called?
10. What is meant by the term "posting reference" in relation to a ledger account?

A ledger is a record of financial transactions, posting is transferring information to the ledger, and balancing ensures equality between debits and credits.

Explanation:

Ledger: A ledger is a book or digital record that contains all accounts, where financial transactions are recorded.

Posting: Posting refers to transferring the information from the journal to the respective accounts in the ledger.

Balancing: Balancing involves ensuring that the total debits and total credits in an account are equal.

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