Ledger account

Ledger account (alternatively known as standard ledger account or, to distinguish it from T-accounts, standard account; hereinafter, the Account) is any financial account that includes columns for date, explanation, posting reference, debit, and credit, as long as it is included in a ledger.

Definitions

Standard account. A formal account that includes columns for date, explanation, posting reference, debit, and credit.

Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.