BOOKS OF ACCOUNTS : LSUS
FINANCIAL ACCOUNTING SSS1 FIRST TERM
WEEK 3
BOOKS OF ACCOUNTS
Performance Objectives
Students should be able to:
- Draw the format of a ledger account.
- State three differences between the ledger and the journal.
Contents
Books of accounts are the books that are used in recording financial transactions in accounting.
The books of accounts in use are:
- The Ledger – The Principal book
- The Journal – The Subsidiary book
The Ledger
The ledger is the principal book of an account which contains in a classified form, the permanent records of all the financial transactions of a business.
The recording into the Ledger is done in classified form using ledger accounts.
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- Chapters 7
- Category SSS1
- Author ClassNotes Edu
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