What are the general Ledgers?

Posted by : Rakesh Sinha
Posted On : 9/13/2013 3:06:04 AM
Posted As :Question Answers
Category :Accounting
View : 626
                 
A general ledger contains all the accounts for recording transactions relating to a companys assets, liabilities, owners equity, revenue, and expenses. The general ledger is the backbone of any accounting system which holds financial and non-financial data for an organization. The collection of all accounts is known as ledger account. This may be a large book. The general ledger should include the date, description and balance or total amount for each account. It is usually divided into at least seven main categories. These categories generally include assets, liabilities, owners equity, revenue, expenses, gains and losses. The main categories of the general ledger may be further subdivided into subledgers to include additional details of such accounts as cash, accounts receivable, accounts payable, etc
 
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