NAME: OKPETU ANTHONY IYAMA
REGISTRATION NUMBER: 16/34025/UE
DEPARTMENT: BUSINESS ADMINISTRATION
COURSE OPTION: B.SC. BUSINESS ADMINISTRATION
COURSE CODE: ACC 101 – INTRODUCTION TO BASIC ACCOUNTING
QUESTION: Highlight any four (4) differences between journal and ledger
i. Journal is a book of accounting where daily records of business transactions are first recorded in a chronological order i.e. in the order of dates.
ii. It is known as the primary book of accounting or the book of original/first entry.
iii. It is prepared out of transaction proofs such as vouchers, receipts, bills, etc.
iv. A journal is not balanced.
i. A ledger is an accounting book in which all similar transactions related to a particular
person or thing are maintained in a summarized form.
ii. It is known as the principal book of accounting or the book of final entry.
iii. It is prepared with the help of a journal itself; therefore, it is the immediate step after recording a journal.
iv. Except nominal accounts all ledger accounts are balanced to find the net result.