Difference between revisions of "Ledger account"

Revision as of 10:21, 18 December 2018

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.

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.

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 ==Definitions==
 According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
-:[[Standard account]]. A skeleton version of a [[ledger account|standard account]] used for demonstration purposes.
+:[[Standard account]]. A formal account that includes columns for date, explanation, posting reference, [[debit]], and [[credit]].
 ==Related concepts==