No books needed keep track of your income and expenses all in one place with accounting. General ledger definition of general ledger by lexico. A ledger is the principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account. A general ledger is a companys set of numbered accounts for its accounting records. The general ledger is the backbone of any accounting system which holds financial and nonfinancial data for an organization. Books that contain all the details of financial accounts. The general ledger is the accounting transaction record, maintained either manually or using computer software, of all the balance sheet and income statement balances of a company or business.
These practice questions can be used at any time to. In application of this original meaning the commercial usage of the term is for the principal book of account in a. A general ledger is used by businesses that employ the doubleentry bookkeeping method, which means that each financial transaction affects. Also called the book of final entry, it provides the entire data for preparing financial statements for the organization. The general ledger is the primary accounting record of a company that uses doubleentry bookkeeping.
General ledger definition is the principal and controlling ledger of a business enterprise containing individual or controlling accounts for all assets, liabilities, net worth items, revenue, and expenses. General ledger definition and meaning collins english. Ledger meaning in the cambridge english dictionary. General ledger definition in the cambridge english. Check your understanding of general ledgers with an interactive quiz and printable worksheet.
It is considered as a roll of the court, but, it seems, it cannot be read in evidence. The collection of all accounts is known as the general ledger. The general ledger is used in conjunction with a couple of other accounting tools. A ledger is the principal book or computer file for recording and totaling economic transactions. Ledger definition, an account book of final entry, in which business transactions are recorded. An accounting book of final entry where transactions are listed in separate accounts. The general ledger is the accounting transaction record, maintained either manually or using computer software, of all the balance sheet and income statement. A book of final entry summarizing all of a companys financial transactions, through offsetting debit and credit accounts. General ledger definition and meaning collins english dictionary.
In a manual or noncomputerized system this may be a large book. General ledger definition of general ledger by merriamwebster. General ledger definition of general ledger by merriam. In a manual accounting or bookkeeping system, the general ledger is a book with a separate page or ledger sheet for each. General ledger definition of general ledger by the free dictionary.