Difference between revisions of "Ledger"

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[[Ledger]] (alternatively known as [[general ledger]]) is the [[book of final entry]] that represents all [[financial account]]s of a [[legal entity]]. The ''Ledger's'' data is originated from [[books of original entry|book of original entry]] and taken either directly or through financial reports such as [[income statement]].  
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[[Ledger]] (alternatively known as [[general ledger]]) is the [[book of final entry]] that represents all [[financial account]]s of a [[legal entity]]. The ''ledger's'' data is originated from [[books of original entry|book of original entry]] and taken either directly or through financial reports such as [[income statement]].
  
On the contrary to any [[book of original entry]] that groups data in chronologically-recorded [[financial transaction]]s, the ''Ledger'' groups data in separate [[financial account]]s.
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On the contrary to any [[book of original entry]] that groups data in chronologically-recorded [[financial transaction]]s, the [[ledger]] groups data in separate [[financial account]]s. Each [[financial account]] on the [[chart of accounts]] has its separate section, usually one or more pages, in the [[ledger]]. This section lists all the [[debit]]s or [[credit]]s made against the [[financial account]]. Every ledger section is totaled periodically, but at least once, at the end of every [[fiscal year]].
  
  

Revision as of 15:57, 15 December 2018

Ledger (alternatively known as general ledger) is the book of final entry that represents all financial accounts of a legal entity. The ledger's data is originated from book of original entry and taken either directly or through financial reports such as income statement.

On the contrary to any book of original entry that groups data in chronologically-recorded financial transactions, the ledger groups data in separate financial accounts. Each financial account on the chart of accounts has its separate section, usually one or more pages, in the ledger. This section lists all the debits or credits made against the financial account. Every ledger section is totaled periodically, but at least once, at the end of every fiscal year.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Ledger. A group of accounts that records data from business transactions.

Related concepts

Related coursework