Question

Define the following terms:

● Journal,
● Ledger,
● Trial Balance,
● Trading and Profit and Loss Account
● Balance Sheet​

Answer 1

Answer:

JOURNAL : A journal is a detailed account that records all the financial transactions of a business, to be used for the future reconciling of accounts and the transfer of information to other official accounting records, such as the general ledger.

LEGER : A ledger is a book or collection of accounts in which account transactions are recorded. Each account has an opening or carry-forward balance, would record transactions as either a debit or credit in separate columns and the ending or closing balance

TRIAL BALANCE : A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance

TRADING AND PROFIT AND LOSS ACCOUNT: The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period, usually a fiscal quarter or year. ... These records provide information about a company's ability or inability to generate profit by increasing revenue, reducing costs, or both.

BALANCE SHEET: In financial accounting, a balance sheet is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity.

Explanation:

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