Day 1: Accounts Command Centre and Card File Centre

Key terms and concepts

• General ledger account: a collection of ledger accounts into which transactions are posted in total from journals. It holds the details of business transactions of the same type — that is, transactions related to particular types of asset, liability, income, owner’s equity and expense items.

• Chart of accounts: a list of all the account names and numbers used in a business’s general ledger, organised in such a way that it reflects the financial structure of the business. It serves as an index, enabling a given account to be located within the ledger.

• Goods and services tax (GST): a tax on goods and services sold within Australia. The tax (currently 10 per cent) ...

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