GENERAL LEDGER

Firm’s main accounting records, which has the entire record of financial transactions over its lifetime. The ledger holds account information needed to write financial statements including accounts for assets, liabilities, revenues, expenses, and owners’ equity. Normally, businesses use this in employing double-entry bookkeeping technique where every financial transaction is posted twice, both as a debit and a credit; and where every account has two columns. Since a debit in one account is make up by a credit in another account, the total of all debts will be equal to the total of all credits.

POPULAR TERMS

POPULAR ARTICLE