General Ledger - What is the difference between a ledger and a general ledger?

Q: What is the difference between a ledger and a general ledger?

Key Takeaways. The journal consists of raw accounting entries that record business transactions, in sequential order by date. The general ledger is more formalized and tracks five key accounting items: assets, liabilities, owner's capital, revenues, and expenses.

Answer

Major Points to Remember. The journal is structured like a ledger, with entries that detail financial transactions that have taken place inside the company. A more structured version of the ledger, the general ledger keeps tabs on assets, liabilities, owner's capital, income, and expenditures.

General Ledger - What is the difference between a ledger and a general ledger?

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