Sage Computerised Accounting - Qp4

The Nominal Ledger contains numerous accounts and may be described as the central system of the double entry bookkeeping procedure. 

Each account in the Nominal Ledger has its own Nominal Code; a five digit number which gives the account an identity. 

_______ nominal codes will indicate capital and reserves.

A nominal code between 6000 - 6999 indicates _______.

The default nominal codes are very useful and are an important feature of computerised accounting, especially when beginning a business or new to computerised accounts. 

Control Accounts are a set of nominal codes which can be amended or deleted.

The total amounts entered as a ‘Debit’ should equal the total amounts entered as a ‘Credit’. 

The Profit and Loss Account will show a list of all debit and credit balances which should balance and show equal totals.