What is a general ledger account?

What does general ledger account mean? How is that related to balance sheet?

6 Answers
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6 Answers
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  • A general ledger (GL) is a set of numbered accounts a business uses to keep track of its financial transactions and to prepare financial reports. Each account is a unique record summarizing each type of asset, liability, equity, revenue and expense
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  • General ledger show all the transcation which are recorded in the journal entry in a separate account
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  • A general ledger account is an account used to sort and store balance sheet and income statement transactions. It includes assets accounts like cash , account receivable , inventory, land and equipment.
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  • General ledger is part of a system used by accountants to create the firm’s financial statements. Transactions are posted to the general ledger accounts, and the accountant generates a trial balance, a report listing all the accounts and each account’s balance. The trial balance is adjusted by posting additional entries, and the adjusted trial balance is used to generate the financial statements.
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  • A general ledger account is an account or record used to sort and store balance sheet and income statement transactions. Example of ledger account includes the asset accounts such as cash, accounts receivable, inventory, land and equipment.
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