| general ledger | |
noun | |
| the ledger that contains all of the financial accounts of a business; contains offsetting debit and credit accounts (including control accounts) |
General Ledger
A company's accounting records. This formal ledger contains all the financial accounts and statements of a business.
Investopedia Commentary
The ledger uses two columns: one records debits, the other has offsetting credits.
Related Links
Advanced Financial Statement Analysis
Footnotes: Start Reading The Fine Print
See also: Accounting, Audit, Cook the Books, Credit, Debit, Generally Accepted Accounting Principles