Question: What Is Another Name For General Ledger?

What is the another name of ledger?

What is another word for ledger?bookregisterregistryarchivearchivesrecordsbalance sheetfinancial statementlogbookdiary129 more rows.

What is Ledger explain?

A ledger is a book containing accounts in which the classified and summarized information from the journals is posted as debits and credits. … The ledger contains the information that is required to prepare financial statements. It includes accounts for assets, liabilities, owners’ equity, revenues and expenses.

What is difference between general ledger and subsidiary ledger?

A subsidiary ledger is a group of similar accounts whose combined balances equal the balance in a specific general ledger account. The general ledger account that summarizes a subsidiary ledger’s account balances is called a control account or master account.

What’s another name for a medical record?

What is another word for medical record?medical historyanamnesiscase historycase studyreportfiledocumentdocumentationrecordannals40 more rows

What is the purpose of the general ledger?

A general ledger represents the record-keeping system for a company’s financial data with debit and credit account records validated by a trial balance. The general ledger provides a record of each financial transaction that takes place during the life of an operating company.

What are the two types of journal?

Two basic types of journals exist: general and special.

What are the types of ledgers?

The three types of ledgers are the general, debtors, and creditors. The general ledger accumulates information from journals.

What are the two major types of books of accounts?

Next Lesson: Cash Book There are two main books of accounts, Journal and Ledger. Journal used to record the economic transaction chronologically. Ledger used to classifying economic activities according to nature.

What is general ledger account with example?

Examples of General Ledger Accounts asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment. liability accounts including Notes Payable, Accounts Payable, Accrued Expenses Payable, and Customer Deposits.

What is the use of ledger?

An accounting ledger is an account or record used to store bookkeeping entries for balance-sheet and income-statement transactions. Accounting ledger journal entries can include accounts like cash, accounts receivable, investments, inventory, accounts payable, accrued expenses, and customer deposits.

What is the importance of ledger?

The ledger is important because it helps you monitor and control a business’ financial operations. The ledger stores and organizes the information needed to prepare a company’s financial statements. It also provides the tools for analysis of accounts and transactions.

What are the 5 types of accounts?

5 Types of accountsAssets.Expenses.Liabilities.Equity.Revenue (or income)

What are primary books of accounts?

A journal is known as primary book. Books of Prime Entry are a more efficient variation on double-entry accounting….The main books of prime entry are:Sales day book.Purchase day book.Sales returns day book.Purchases returns day book.Bank Book.Cash Receipts Book.Cash Payments Book.Petty Cash Receipts Book.More items…

What is the other name for record?

What is another word for record?accountreportchronicledocumentfileannalsdocumentationregisterarchivediary206 more rows

What is Ledger and example?

A ledger account contains a record of business transactions. It is a separate record within the general ledger that is assigned to a specific asset, liability, equity item, revenue type, or expense type. Examples of ledger accounts are: Cash. Accounts receivable.

What are the two types of ledger?

General Ledger – General Ledger is divided into two types – Nominal Ledger and Private Ledger. Nominal ledger gives information on expenses, income, depreciation, insurance, etc. And Private ledger gives private information like salaries, wages, capitals, etc. Private ledger is not accessible to everyone.

What is another word for write down?

What is another word for write down?recordjot downreportset downput downtake downminutenote downput in writingtranscribe207 more rows

What is a record of events called?

To chronicle an event is to record it as it happens, and a chronicle is a record of those events. Chronicle is related to chronological and comes from the Greek ta khronika, which means “annals of time.” Events are usually chronicled in the order in which they occurred. …

What is opposite asset?

a useful or valuable quality. Antonyms: liability.

What is another name for asset?

In this page you can discover 29 synonyms, antonyms, idiomatic expressions, and related words for asset, like: advantage, treasure, resource, plus, benefit, investment, property, assets, liquid assets, tangible-assets and fixed-assets.

What is the difference between a ledger and a general ledger?

The journal consists of raw accounting entries that record business transactions, in sequential order by date. The general ledger is more formalized and tracks five key accounting items: assets, liabilities, owner’s capital, revenues, and expenses.

Can a person be an asset?

Assets are persons or things that can produce value. People can be assets because of the value they bring to a relationship or organization. Things which are assets have value for the owner because they can be converted into cash. Cash on hand is also considered an asset.

How do you say someone is an asset?

(someone) is an asset to the team When you call a person “an asset”, it means that they’re really useful, helpful, or valuable. A person can be an asset to a company, a team, or a community. In a company, people often call groups of people that work together “teams”.