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28/10/18 Ledger


ledger is a written or computerized record of all the transactions a business has completed. These transactions are recorded in the ledger in different accounts. This list of accounts is most often called the chart of accounts.

The term ledger most often refers to the general ledger, in which all the accounts in the chart of accounts are summarized and divided usually into three categories: assets, liabilities and equity accounts.

In all modern accounting systems, the general ledger is computerized.

Most companies have many of the same general accounts like cash, accounts payable and retained earnings, but some companies have specialized accounts specific for their operations.

Useful language:
*To prove the ledger
*A general/separate/subsidiary/virtual ledger


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