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- Definition: A ledger is a written or computerized record of all the transactions a business has completed. These transactions are recorded in the ledger in different accounts.
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Definition: A ledger is a written or computerized record of all the transactions a business has completed. These transactions are recorded in the ledger in different accounts. This list of accounts is most often called the chart of accounts. Large companies tend to have many accounts in their chart of accounts while smaller companies might only hav...
Ledger, in an accounting text, most often refers to the general ledger. Companies use the general ledger to record all of the accounts in the chart of accounts are summarized and categories in the general ledger.
The general ledger or ledger is a record of all the accounts that the company uses. In all modern accounting systems, the general ledger is computerized. A general ledger divides accounts into three account types: assets, liabilities, and equity accounts. Most companies have many of the same general accounts like cash, accounts payable, and retaine...
For example, a manufacturer would have raw materials inventory, work in process inventory, and finished inventory accounts in its asset section. A retailer, on the other hand, might have an account for promotional inventory or merchandise not for sale. Many retailers also create different accounts for new promotions and specific inventory classes.
After the accounts are categorized by type, they are arranged in balance sheet order starting with assets, then liabilities, then equity accounts. Here are some example accounts in balance sheet order.
A ledger is another book, similar to the journal, but organized by account. A general ledger is the complete collection of all the accounts and transactions of a company. The ledger may be in loose-leaf form, in a bound volume, or in computer memory. Individual accounts are in order within the ledger.
Apr 11, 2024 · What Is an Accounting Ledger? An accounting ledger refers to a financial record book where accounting transactions are recorded. A ledger holds the accounts for a business or individual so that they can keep track of their financial situation. It is considered to be the single source of truth when it comes to finances.
ledger | Intermediate English. noun [ C ] us / ˈledʒ·ər / Add to word list. a book in which items are regularly recorded, esp. business activities and money received or paid. (Definition of ledger from the Cambridge Academic Content Dictionary © Cambridge University Press) ledger | Business English. noun [ C ] ACCOUNTING uk / ˈledʒə r/ us.
