What is a ledger in accounting?
Understand the Problem
The question seems to be asking for information about ledgers in the context of accounting, specifically what they are and how they function within the financial record-keeping system.
Answer
A ledger is a record of bookkeeping entries for financial transactions.
A ledger in accounting is a record or book that stores bookkeeping entries for all financial transactions, including assets, liabilities, revenues, and expenses.
Answer for screen readers
A ledger in accounting is a record or book that stores bookkeeping entries for all financial transactions, including assets, liabilities, revenues, and expenses.
More Information
An accounting ledger can be physical or digital and is essential for maintaining accurate financial records, which are summarized in a trial balance.
Tips
Ensure you're recording transactions correctly in terms of debits and credits to avoid imbalance in financial statements.
Sources
- What Is a Ledger in Accounting? - FreshBooks - freshbooks.com
- What is a Ledger? | Definition | Xero UK - xero.com
- What Is a Ledger in Accounting? | Indeed.com - indeed.com
