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What is a General Ledger in Accounting?

8/2/2013

 
We contacted one of the best CPA firms in south Denver for clarification:

Overview:
All of a company's accounts are contained in a book called a general ledger, or simply a ledger.

The ledger is just a group of actual accounts.

  • Balance sheet accounts are classified as assets, liabilities, and owners equity.
  • Income statement accounts are classified as revenues or expenses.
  • Each account is customarily listed on a separate page in the general ledger in the order in which they appear in the financial statements.
  • A listing of all the accounts, with the respective account numbers, is called a chart of accounts. Each account has a separate page in the manual general ledger.

Special thanks to the Megger CPAs of South Denver for the answer.

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