Practices of Feudalism. 1  Fiefâholding. 2  A fief is a hereditary position with land and peasants. 3  In order to keep a fief, a lord had to be able to protect his land.  A lord could give one of his vassals a 1  fief. Primogeniture.  The land went to the eldest 1  son. Relief.  Taxes paid by vassals to their lord.
General Ledger. Definition: A general ledger is the master set of accounts that summarize all transactions occurring within an entity. There may be a subsidiary set of ledgers that summarize into the general ledger.
What is Accounting? Accounting is the process of recording and summarizing financial information in a useful way. You may have already noticed the use of some form of accounting in your daily life. My mom for example is the chief accountant and treasurer of our house. She keeps a simple diary to record major home expenses such as grocery, utilities, fees and so on.