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What is a general ledger account?

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Question added by Rana Alnajjar , Web developer , Lebcards
Date Posted: 2016/12/04
Mohamed Halith
by Mohamed Halith , assitant HR cum accountant , apollo hospitals

general ledger account is an account or record used to sort and store balance sheet and income statement transactions. Examples of general ledger accounts include the asset accounts such as Cash, Accounts ReceivableInventory, Investments, Land, and Equipment. Examples of the general ledger liability accounts include Notes Payable, Accounts Payable, Accrued Expenses Payable, and Customer Deposits. Examples of income statement accounts found in the general ledger include Sales, Service Fee Revenues, Salaries Expense, Rent Expense, Advertising Expense, Interest Expense, and Loss on Disposal of Assets.

general ledger account is an account or record used to sort and store balance sheet and income statements transactions

Selvarajan Perumal samy
by Selvarajan Perumal samy , Assistant Accounts Manager , Sri Renga Apparels (India )Pvt Ltd

A book of final entry summarizing all of a company's financial transactions, through offsetting debit and credit accounts.  

Shahab Habib
by Shahab Habib , Presently, working as Senior Audit Officer , Panther Tyre. Limited

The ledger provides a complete record of financial transactions over the life of the company. The ledger holds account information that is needed to prepare financial statements and includes accounts for assets, liabilities, owners' equity, revenues and expenses

mohammed alzubi
by mohammed alzubi , business owner , Al Khozama Transport & Shipping Co.

general ledger contains all the accounts for recording transactions relating to a company's assets, liabilities, owners' equity, revenue, and expenses

Ahmed mohsen
by Ahmed mohsen , Senior Accountant , Main Poly Clinic

general ledger (GL) is a chronological accounting record a business uses to keep track of financial transactions. Transactions are categorized and summarized into general ledger accounts.

Mutwakil   Gabril
by Mutwakil Gabril , Student , Abu Dhabi University

It's the process that you record transactions, the base consists of the financial statements, for instance, Income statement, retained earnings statement and balance sheet. Each of these statements have an accounts such, assets, accounts receivable or accounts payable etc. So what have to be done is recording or analyzing the transactions and posting them in the ledger account for small example if you are gonna pay for the counter it records Cash will be debited and account receivable will be Credited. ( correct me if i am wrong) 

manseer muhammed ali
by manseer muhammed ali , Accountant General , Royal Lighting L.L.C & Royal Furnishing LLC

A general ledger account is an account or record used to sort and store balance sheet and income statement transactions. Examples of general ledger accounts include the asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment.

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