ACCOUNTING EXPERTISE

ALL ABOUT ACCOUNTING : 42nd BLOG           💎 ACCOUNTING💎 ★ Accounting exercise and practices :   Lesson : 4 [Part : 3] Hi friends  🙏 Today's discuss remaining part of summarizing changes in financial position                               So let's discuss .... ★  SUMMARIZING CHANGES IN FINANCIAL POSITION :         🔥 THE LEDGER ACCOUNTS : A ledger accounts represent the accumulation of all information ℹ️ about changes in an asset, liability, equity, revenue or expense item in one palce. For example,  a ledger account for the asset cash would record each cash disbursement the organization made in a period as well as all cash which was received by the organization. By recording all cash that goes into and out of the organization, the ledger account provides a record of how much cash the organization has at any given time.  Each ledger account is identified by it's account name and it's account number. The accounts are numbered based on whether they are an asset, liabil