Accounting Dictionary - Letter G

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
General ledger
is a record that contains all accounts that make financial statements. Accounts in the general ledger are classified in detail or in summary form. Control accounts might summarize detail appearing in a subsidiary ledger (e.g., individual customer accounts). General ledger has separate accounts for individual assets, liabilities, equity, revenue, and expenses. At the end of an accounting period a trial balance is prepared of the general ledger accounts to check if total debits equal total credits.
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