Features of Double Entry System of Book Keeping

The Double entry system of book keeping comprises of the following features :

• Every business transaction affects two accounts.
• Each transaction has two aspects, i.e., debit and credit.
• Maintains a complete record of all business transactions.
• Helps to check the accuracy of the accounting transactions, by preparation of trial balance.
• Helps ascertaining profit earned or loss occured during a period, by preparation of Profit & Loss Account.
• Helps ascertaining financial position of the concern at the end of each period, by preparation of Balance Sheet.
• Helps timely decision making based on sufficient information
• Minimises the possibilities of fraud due to its systematic and scientific recording of business transactions.

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Working as a General Ledger Accountant

The general ledger is basically the end result of the company's accounting process, and is the source from which all the company's financial reporting is generated. Therefore, the general ledger accountant is responsible for ensuring that all business transactions have been properly accounted for and accurately and completely reflected on the company's books. A general accountant may also be referred to as a corporate accountant or management accountant.

What Does the General Ledger Accountant Do?

The role that the general ledger accountant plays, and the range of functions performed and level of responsibility assigned, will depend on the size and nature of the organization. In a larger organization, a general ledger accountant may specialize in certain areas of the overall accounting operation, while in a smaller organization, the position may involve a wider range of duties and responsibilities.

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