General Ledger (Noun)
Meaning
The ledger that contains all of the financial accounts of a business; contains offsetting debit and credit accounts (including control accounts).
Classification
Nouns denoting possession and transfer of possession.
Examples
- The accounting clerk was responsible for updating the general ledger at the end of each month.
- All of the company's financial transactions were recorded in the general ledger, which was used to generate the balance sheet and income statement.
- The general ledger account for accounts payable was offset by a corresponding credit entry in the cash account.
- To close the books, the accountant had to review every entry in the general ledger to ensure that everything was accurate and complete.
- The auditor's first step was to review the general ledger to get an overview of the company's financial position.