General Ledger
Submitted by admin on Wed, 10/28/2009 - 18:54
Overview:
Collection of all ASSET, LIABILITY, owners EQUITY, REVENUE, and expense accounts.
Application:
The part of the accounting system which contains the balance sheet and income statement accounts used for recording transactions.
The general ledger is the "skeleton" of the accounting system. All financial data is organized and recorded using the general ledger chart of accounts.