Question

"When a company is using double-entry accounting, what elements of a given ledger must be equal?

Answer 1

In the double entry system, transactions are recorded in terms of debits and credits. Since a debit in one account will be offset by a credit in another account, the sum of all debits must therefore be exactly equal to the sum of all credits. The double-entry system of bookkeeping or accounting makes it easier to accurately prepare financial statements directly from the books of account and detect errors.
normally, all companies use double entry accounting. single entry use only sole proprieters.
in ledger, there is nothing should be equal, but in trail balance, balancing figure of debit and credit side should be equal.










The traditional method of cost accounting refers to the allocation of manufacturing overhead costs to the products manufactured. The traditional method (also known as the conventional method) assigns or allocates the factory's indirect costs to the items manufactured on the basis of volume such as the number of units produced, the direct labor hours, or the production machine hours. We will use machine hours in our discussion.

By using only machine hours to allocate the manufacturing overhead to products, it is implying that the machine hours are the underlying cause of the factory overhead. Traditionally, that may have been reasonable or at least sufficient for the company's external financial statements. However, in recent decades the manufacturing overhead has been driven or caused by many other factors. For example, some customers are likely to demand additional manufacturing operations for their diverse products. Other customers simply want great quantities of uniform products.

Answer 2

The credit and debit balances of the ledger are the values to be matched when a company is using double-entry accounting.

Explanation:

A ledger is one of the most important part in accounting, and also a very important part in completing the final accounts.

The ledger consists of two sides of debit side and credit side it is basically a book which consists of financial transaction which are noted down or stored in numerical value or another words monetary value.

Ledgers consist different for separate accounts for each type of account, for example an account for assets, liabilities equities etc.

The trial balance on the credit side and the debit side should be equal so that the firm can find out unnecessary expenses and can have proper accuracy in the forms spending.  

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