TeachMeFinance.com - explain general ledger
general ledger -- an accounting record or legend in which are listed all increases or decreases of all other accounts such as liability, reserve, capital, income and expense accounts.
general ledger -- A ledger kept for the reception of all accounts, except those of the Bought and Sold Ledgers, and, therefore, containing the Nominal Accounts, Private Accounts, and probably Bills Receivable and Bills Payable Accounts. The General Ledger is usually completed by the inclusion of Adjustment Accounts for the Bought and Sold Ledgers, and it thus contains full particulars from which Final Accounts may be prepared, and gives the key to the position of the business at any time. Whatever subsidiary Ledgers may be kept, the information required for this purpose may be condensed in one Ledger by means of the transference of totals, and this Ledger is the one in any particular case known as the General Ledger.
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