What is a general ledger account? - AccountingTools
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A general ledger account is a record in which is recorded a specific type of transaction. These transactions can relate to assets, ... AccountingTools CPECourses CPECourses CPELogIn HowtoTakeaCourse StateCPERequirements Books CollegeTextbooks AccountingBooks FinanceBooks OperationsBooks Articles Articles TopicsIndex SiteArchive Podcast AccountingBestPractices PodcastIndex PodcastSummary Dictionary FAQs About About Contact EnvironmentalCommitment Home AccountingTools CPECourses/CPECoursesCPELogInHowtoTakeaCourseStateCPERequirements Books/CollegeTextbooksAccountingBooksFinanceBooksOperationsBooks Articles/ArticlesTopicsIndexSiteArchive Podcast/AccountingBestPracticesPodcastIndexPodcastSummary Dictionary/ FAQs/ About/AboutContactEnvironmentalCommitment Home/ AccountingTools AccountingCPECourses&Books Articles AccountingTools CPECourses/CPECoursesCPELogInHowtoTakeaCourseStateCPERequirements Books/CollegeTextbooksAccountingBooksFinanceBooksOperationsBooks Articles/ArticlesTopicsIndexSiteArchive Podcast/AccountingBestPracticesPodcastIndexPodcastSummary Dictionary/ FAQs/ About/AboutContactEnvironmentalCommitment Home/ Ageneralledgeraccountisarecordinwhichisrecordedaspecifictypeoftransaction.Thesetransactionscanrelatetoassets,liabilities,equity,sales,expenses,gains,orlosses-inessence,allofthetransactionsthatareaggregatedintothebalancesheetandincomestatement.Theendingbalancesintheseaccountsarethenaggregatedandreportedinthebalancesheetandincomestatement.Aseparategeneralledgeraccountissetasideforeachspecifictypeoftransaction.Forexample,withinthegeneralareaofinventoryassets,theremaybeseparategeneralledgeraccountsforrawmaterialsinventory,work-in-processinventory,finishedgoodsinventory,andmerchandise(purchased)inventory.ChartofAccountsAcompletelistofallgeneralledgeraccountsthatacompanyusesiscontainedwithinthechartofaccounts,whichisasimplelistingofaccountnumbersandaccountdescriptions.Thechartisusuallyorganizedtoshowallbalancesheetaccounts,followedbyallincomestatementaccounts.Examplesofothergeneralledgeraccountsthatarecommonlyusedarenotedbelow.BalancesheetaccountsCashAccountsreceivableMarketablesecuritiesFixedassetsAccumulateddepreciationAccountspayableAccruedliabilitiesSalestaxespayableDebtCommonstockRetainedearningsIncomestatementaccountsSalesCostofgoodssoldCompensationexpensePayrolltaxexpenseFringebenefitsexpenseRentexpenseUtilitiesexpenseAdvertisingexpenseTravelandentertainmentexpenseBusinessinsuranceexpenseOfficesuppliesexpenseInterestexpenseGain/lossonsaleofassetsAfewgeneralledgeraccountsaredesignatedascontrolaccounts.Theseaccountsonlycontainsummarybalancesthathavebeenpostedfromsubsidiaryledgers.Thisisdoneinordertominimizethetransactionvolumeclutteringthegeneralledger.Theaccountsreceivableandaccountspayableaccountsarethemostlikelytobecontrolaccounts.RelatedCoursesBookkeeperEducationBundleBookkeepingGuidebook Purchasesbudgetdefinition Whentoupdatestandardcosts CPECourses/CPECoursesCPELogInHowtoTakeaCourseStateCPERequirements Books/CollegeTextbooksAccountingBooksFinanceBooksOperationsBooks Articles/ArticlesTopicsIndexSiteArchive Podcast/AccountingBestPracticesPodcastIndexPodcastSummary Dictionary/ FAQs/ About/AboutContactEnvironmentalCommitment Home/ AccountingTools CollegeTextbooksAccountingBooksFinanceBooksOperationsBooks Sendusyoure-mailaddresstoreceivemonthlycoursediscounts * Thankyou! Copyright2022
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