Given the Following General Ledger Template, Identify the Parts of the Ledger

question 2

Essay

Given the following general ledger template, identify the parts of the ledger.
Account Cash Account Number 111

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Definitions:

Accumulated Depreciation

The cumulative total of depreciation charges applied to a fixed asset from the time of its acquisition.

Machinery

Machines or automated systems used in the manufacturing process or to carry out various tasks. Machinery is considered a long-term, fixed asset in accounting.

Straight-Line Method

A depreciation method that allocates the cost of an asset evenly over its useful life.

Obsolescence

The process of becoming outdated or no longer used, often because of advancements in technology.