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A ledger account is created for each account in the chart of accounts for an organization and is classified into account categories, such as income, expense, assets, liabilities, and equity; the collection of all these accounts is known as the general ledger. The general ledger holds financial and non-financial data for an organization. [3 ...
A chart of accounts (COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are coded by ...
This ledger consists of the records of the financial transactions made by customers to the business. Purchase ledger is the record of the company's purchasing transactions; it goes hand in hand with the Accounts Payable account. General ledger, representing the original five, main accounts: assets, liabilities, equity, income, and expenses.
Single-entry bookkeeping, also known as, single-entry accounting, is a method of bookkeeping that relies on a one-sided accounting entry to maintain financial information. . The primary bookkeeping record in single-entry bookkeeping is the cash book, which is similar to a checking account register (in UK: cheque account, current account), except all entries are allocated among several ...
For the borrowing business, the entries would be a $10,000 debit to "Cash" and a credit of $10,000 in a liability account "Loan Payable". For both entities, total equity, defined as assets minus liabilities, has not changed. The basic entry to record this transaction in the example bank's general ledger will look like this:
The difference between the cost of an inventory calculated under the FIFO and LIFO methods is called the LIFO reserve (in the example above, it is $750, i.e. $5250 - $4500). This reserve, a form of contra account , is essentially the amount by which an entity's taxable income has been deferred by using the LIFO method.
XBRL GL can be used by Computer programs for information interchange of accounting General ledger balances (summarized information) as well as complete accounting ledgers (payables, receivables, inventory, payroll, order entry, purchasing, banking) supporting object oriented accounting, quantity accounting and transparency support.
General ledger – main accounting record of a business which uses double-entry bookkeeping. Journal – where double entry bookkeeping entries are recorded by debiting one or more accounts and crediting another one or more accounts with the same total amount. Special journals – facilitate the process of journalizing and posting transactions.