General Ledger - What is included in a general ledger?

Q: What is included in a general ledger?

The general ledger should include the date, description and balance or total amount for each account. It is usually divided into at least seven main categories. These categories generally include assets, liabilities, owner's equity, revenue, expenses, gains and losses.

Answer

All accounts should be detailed in the general ledger, including the date, account number, description, and total amount. At least seven major types are often used to classify it. The standard breakdown of these components is as follows: assets, liabilities, owner's equity, income, expenditures, profits, and losses.

General Ledger - What is included in a general ledger?

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