Important Points for IC 26 - Life Insurance Finance Exam
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Accounting is the process of recording and reporting of financial transactions including the origination of the transaction, its recognition, processing and summarisation in the financial statements. - The New York State Society of CPAs.
Ledger is a book containing accounts. An account is a record that is used to collect and store information related to an individual element of the financial statements.
A trial balance is the summary of all the ledger account balances at a particular point in time.
Accounting is the process of recording and reporting of financial transactions including the origination of the transaction, its recognition, processing and summarization in the financial statements.
Under the double-entry book-keeping system, all transactions are recorded by giving two accounting effects
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