General Ledger Interview Questions

As someone mentioned in the thread before the right question would be what is the difference between a Sub Ledger and General Ledger, earlier when manual books of accounts were maintained Sub Ledger w...

All the ledger accounts together called as General ledger, and the sub ledger is a independent source of General ledger which contains business transaction in micro level( like including all check and...

Chart of Accounts is nothing but list of G/L Accounts used by the one r more company codes....the chart of accounts contains the account no & account name.the chart of accounts is the operating chart of accounts used for the daily postings in company code.

Chart of accounts is the structure of Accounts {its the combination of Segments, Segment Qualifiers & Segment Values}

General ledger includes all ledgers after adjusting the balance where as final accounts is arranging ledger balance to get profit and loss as well as to know the finacial position.

O.Stock,
C.Stock,
Purchase,
Sales,
Direct Expenses,
Indirect Expenses,
Direct Incomes,
Miscellaneous Income.

the factors are
1. sales or Incomes
2. indirect incomes, misc, income
3. direct expense and indirect expense
4. depreciation
5. tax.

group chart of accounts used for consolidation purpose

group coa isa corporate level gls
basically used at consolidation level these coa will be viewed by the directors of the corporate comapny with diffrent gl numbers
otherthan operative coa and country spcific coa these gl nos should not be over laped

Because land the only thing which has appreciation its value is increasing day by day not decreasing so we can not charge depreciation on it as it appreciating day by day

1.Create Journal Entry
2.dit Journal Entry
3.Post Journal Entry

As per AS 6 " ACCOUNTING FOR DEPRICIATION " - Depreciation is charged on depreciable asset and in general term depreciable asset means asset whose value will be diminished over a period of time due to...

Because land is for ever, Depreciation can calculate only on those assets which are having a life limit or estimation of life can be done.

I have worked for "Westpac Banking corporation" which is largest bank of Australia. I was in suspense team. In suspense accounts generally value comes when the values moves from sub ledger to ledge...

To clear suspends account in oracle finance.we have to assign suspends account type in at our chart of accounts as liabilities account type.in values of account segment.then go to accounting setups op...

We can exceed the funding budget through using alternative depreciation methods and through borrowing short term loans.

Yes they are Period to date, Quarter to date and Year to Date but you read them like the following when working inside Oracle E-suite (accounting software) for example.PTD means amounts entered in a s...

period to date for ex - can be same as YTD if period = 1 year
quarter to date for ex - 1st qtr of calender year - Jan,Feb,Mar, All financial items (revenue+expenses) Jan-Feb is QTD Feb
year to date for ex - if fiscal year Jan-Dec - all financial items (revenue + expenses) from Jan-Aug is YTD Aug

    Purchase of Share
            Share a/c dr Bank a/c cr
    Sold of shares
            Bank a/c dr Share a/c cr
   

At the time of Purchase "Purchase A/C Dr to Bank Cr and " and at the time sold Party A/c Dr to Sales A/C Cr.

In Single Entry System Cash / Bank transactions mentioned in same column But double  entry transactiones mentioned in seperated by Cash & Bank column.

Single Entry is an incomplete record of book keeping Whereas Duble Entry is an complete record of book keeping.

GL reconciliation means Account payable , Accounts receivable ledger balance compared with General Ledger balance and it should be tallied.  If not tallied we have to do the reconcliation. 

GL Reconciliations are list of items that make up a GL account. For example, list of current unreversed accruals in a Sundry Creditors Balance sheet account. The items in Reconciliation should be iden...

In case the two company codes are using two diffrent chart of account, in each chart of account the GL Account has be defined wtth a alternative GL account, which will represent in the Group Chart of Account. By this way the consolidation of both the company code in Group level will be done.

In this case you have to have a additional field in the COA called "Alternate Account".  Your month end consolidated reports must be based on the alternate account. Example: Retail sale...

Internal Acqusition of an asset means, when an asset is built inhouse by creating an AUC(Asset Under Constuction), and then once the assets is fit to use for Production, its get capitalized as Complet...

Asset becomes capitalised when it is bought for profit motive, as an investment, and most important : when it is used.
Asset available within an organisation - Internal Asset.
Asset where they are present physically out of organisation - External Asset.

I will open an vehicle owner account under hire vehicles a/c under current liability a/c.

Vechicle a/c dr-FA
To lease agreement a/c-Liabilitie
 lease a/cdr-indirect exp
To cash/Bank-current assets
expense off the payment of lease from th p&l a/c