What does the term 'By Balance b/d' signify in ledger balancing?

The opening balance brought down from the previous period.

The closing balance to be carried down to the next period.

The date on which balancing is done.

The total of both debit and credit sides.

What is recorded in the 'Particulars' column on the credit side of a ledger account when posting a journal entry?

The name of the account debited in the journal entry, preceded by 'By.'

Which type of accounts usually shows a debit balance?

Nominal accounts related to expenses.

Which column in the ledger account is NOT found in the journal?

None, all are found in the journal.

What is the purpose of an alphabetical index in a ledger?

To provide the amount of each transaction.

To locate the page number where an account appears.

To record the date of each transaction.

To write the narration of each entry.

Which statement is correct regarding the format of a ledger account?

It has only one side for recording transactions.

It typically uses the 'T' format with a debit side and a credit side.

It has no columns for date or particulars.

Why are loose-leaf ledgers maintained in modern businesses?

For better chronological recording of transactions.

For easier and more flexible updating of accounts.

To prevent any entries from being lost.

For maintaining a single volume of accounts.

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