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
According to College Accounting: A Practical Approach by Slater (13th edition),
- Standard account. A formal account that includes columns for date, explanation, posting reference, debit, and credit.
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
