general ledger Synonyms
No Synonyms and anytonyms found
general ledger Meaning
general ledger (n)
the ledger that contains all of the financial accounts of a business; contains offsetting debit and credit accounts (including control accounts)
general ledger Sentence Examples
- The general ledger is a critical accounting record that provides a comprehensive overview of an organization's financial transactions.
- Posting transactions to the general ledger is a fundamental step in the accounting process.
- The trial balance is compiled from the balances in the general ledger accounts.
- The general ledger serves as a permanent record of all business transactions, regardless of their individual significance.
- Accountants rely on the general ledger to prepare financial statements that accurately reflect a company's financial position.
- Reconciling the general ledger with subsidiary ledgers is essential for ensuring the accuracy of financial records.
- The general ledger provides a detailed breakdown of income and expenses, allowing managers to analyze financial performance.
- Auditors often review the general ledger as part of their financial statement audits.
- Companies may maintain multiple general ledgers to separate transactions for different entities or business segments.
- The general ledger is a valuable tool for financial planning, budgeting, and decision-making.
FAQs About the word general ledger
the ledger that contains all of the financial accounts of a business; contains offsetting debit and credit accounts (including control accounts)
No synonyms found.
No antonyms found.
The general ledger is a critical accounting record that provides a comprehensive overview of an organization's financial transactions.
Posting transactions to the general ledger is a fundamental step in the accounting process.
The trial balance is compiled from the balances in the general ledger accounts.
The general ledger serves as a permanent record of all business transactions, regardless of their individual significance.
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