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.
Definition. An accepted form of accounting that records all revenues and expenditures at the time when payments are actually received or sent. This straightforward method of accounting is appropriate for small or newer businesses that conduct business on a cash basis or that don't carry inventories. See also: List of Key Accounting Terms and Definitions at InvestorGuide.com.