what is General ledger account?

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Sunita  Singh asked 15-Nov-2017 in Business & Finance by Sunita Singh

what is General ledger account?

1 Answer

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Vishal Kesarwani answered 02-Dec-2017 by Vishal Kesarwani

General ledger account is basically an account or record accustomed type and store record of operating statement transactions. Samples of account book accounts embrace the quality accounts like money, assets, Inventory, Investments, Land, and instrumentation. samples of the final ledger liability accounts embrace Notes due, Accounts due, increased Expenses due, and client Deposits.

Samples of operating statement accounts found within the account book embrace Sales, charge Revenues, Salaries Expense, Rent Expense, Advertising Expense, disbursement, and Loss on Disposal of Assets.

what is General ledger account?

Some account book accounts are general outline records that are brought up as management accounts. The detail that supports every of the management accounts is found outside of the final ledger in what's referred to as a ledger. For instance, assets might be a bearing account within the account book, and there'll be a ledger that contains every customer's credit activity.

The final ledger accounts Inventory, Equipment, and Accounts due might even be management accounts and for each, there will be a ledger containing the appropriate details or we can say complete details.