What is a Ledger Account?
A ledger account is a record that summarizes all the financial transactions related to a specific account, such as cash, sales, or rent.

1. What are the types of Ledger Accounts?
   The main types are asset accounts, liability accounts, equity accounts, revenue accounts, and expense accounts.
2. What’s the difference between a General Ledger and a Subledger?
   A general ledger holds all the main accounts, while subledgers provide detailed information on specific areas like customers or vendors.
3. How is a Ledger Account formatted?
   A ledger account usually has a debit side and a credit side, used to record increases and decreases depending on the account type.
4. What is the purpose of a Ledger Account?
   It helps classify and summarize transactions, track balances, and prepare financial statements.
5. How do you post to a Ledger Account?
   Posting involves transferring entries from the journal to the appropriate ledger accounts.
6. What is a Ledger Balance?
   It’s the current amount in an account after all debits and credits have been recorded.
7. What’s the difference between a Trial Balance and a Ledger?
   A trial balance shows the balances of all ledger accounts in one place to check accuracy, while the ledger contains the detailed records.
8. Can a Ledger Account have both debit and credit balances?
   No, it has either a net debit or net credit balance, although entries can appear on both sides.
9. Why is a Ledger important in accounting?
   It ensures accuracy, helps with financial tracking, and is the foundation for preparing reports and statements.

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