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What Are Application Programs and What Are Their Functions

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What are application programs and what are their functions?


Definitions:

Equality

In accounting, the concept that the sum of debits must equal the sum of credits in a transaction.

Subsidiary Ledger

A detailed ledger that contains all the transaction details of a specific account, which is summarized in the general ledger.

Accounts Payable

Liabilities or money owed by a company to its creditors or suppliers for goods and services received but not yet paid for.

General Ledger

A comprehensive record of all financial transactions that occur within a company, organized by account.

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