Acca financial Accounting (FA) Study Text ac ca (FA)

What journals should Igor post? 

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Ledger accounts and the division of the ledger 

In most entities each class of transaction and their associated assets and 

liabilities are given their own account. For example, there will be separate 

accounts for sales, purchases, rent, insurance costs, cash assets, inventory 

assets, liabilities to pay suppliers (payables), amounts due from customers 

(receivables) etc. There is no rule as to how many accounts a business should 

have but the system should facilitate effective and efficient accounting and 

control. Each account in the system is referred to as a 'ledger.'