What is a general ledger?

Asked by Last Modified  

5 Answers

Follow 0
Answer

Please enter your answer

Tutor

A general ledger is the master set of accounts that summarize all transactions occurring within an entity. It is an accounting information that a business uses to build financial reports.
Comments
Dislike Bookmark

A general ledger is a complete record of financial transactions over the life of a company. The ledger holds account information that is needed to prepare financial statements, and includes accounts for assets, liabilities, owners' equity, revenues and expenses.
Comments
Dislike Bookmark

It's a complete record of company's financial transactions over the life of a company. Leger holds information which is required to prepare financial statements.
Comments
Dislike Bookmark

Rocker

All the journal entries which has been journalised are posted to Ledger. It shows the complete accounting transaction party wise. With the help of Ledger We can prepare Finanicial Statement of an entity.
Comments
Dislike Bookmark

Accounts Tutor

General Ledger means..... Every business has a variety of expenses and ways of earning income, just as you have different bills and different income streams. Like you, a business may have utility bills, rent expenses, and vehicle repair costs, while its income may come from different places, such as...
read more
General Ledger means..... Every business has a variety of expenses and ways of earning income, just as you have different bills and different income streams. Like you, a business may have utility bills, rent expenses, and vehicle repair costs, while its income may come from different places, such as sales, interest from bank accounts, loans, or from selling items that the company owns. You might record these events as they occur in your life in your check register. For a business, all of these financial events, or transactions, must be recorded in their financial books. The general ledger is a company's master account book, with all of the various accounts in one place. The general ledger is used in conjunction with a couple of other accounting tools. read less
Comments
Dislike Bookmark

View 3 more Answers

Related Questions

I have studied my degree bcom in st marys degree college. but i discontinued in 3rd year in 2014. not in 2016 is it possible for me to get re-admission in 3rd year and write regulars exam in march/april.
Yes you can get re admission in third year and continue under regular stream. Let me know whether you come under Osmania University or not.
Jasper
0 0
8
How wil I find A inverse in metrix?
First step find determinant of A. If det A not =0 then find co factor of A. Then find A transpose of co factors.then formila for A inverse = 1/Det A × A transpose C..
Akash
What about a good computerized language which I can learn soon?
if you are a beginner then you can start with java because it is in high demand, but you should practice the programs from class 11 and 12 isc books because there are lots of programs to implement, after...
Sabat
What is the best study timetable for a Bcom student?
Hi puneeth . you can prepare your study timetable.according your time availability. first write down your portion on a A4 size paper . place that paper on a wall by that you can see the portions daily....
Praneeth
0 0
8
Which master’s degree is best to do after a B.Com in Germany?
Yes. Bachelors of commerce is accepted in Germany as a bachelors degree. you can apply for your masters in economics, finance, accounts, analysis, etc.
Deva
0 0
8

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Related Lessons

GST News, Notifications And Announcements
Central Tax Notifications: Composition Scheme- Notification 3 & 8/2017: Composition scheme threshold has been notified to be 75 lakhs (earlier recommended only). This will be beneficial to small...

Fr Prashanth Reddy

How to Pass Entries under GST Regime?
How to Pass Entries under GST Regime: Under the new GST Regime all these taxes (excise, VAT, CST, Service tax, Entry Tax) will get subsumed into one account and assesse will get benefit of setting of...

Fr Prashanth Reddy

Computation of Salary income
Basic Salary (+) DA (+) Bonus (+) Taxable portion of allowances (+) Advance Salary (+) Fees (+) Commission (+) Taxable value of perquisities (+) Wages (+) Profit in lieu of salary (+) Taxable...

Anand Eriwal

0 0
0
How To Find Antilogs Value By Calculator
To find antilog value i.e. AL(m):- First type m.(where m= any number like 1, 2, 3 etc.) Then type ÷ button Then type 227695 Then type + button Then type 1 Then type = button Type continious...

Rohit Singh

0 0
0
Goods and Service Tax: A Detailed Explanation With Examples.
Brief Intro: Introduction of Goods and Services Tax (GST) will indeed be an important perfection and the next logical step towards a widespread indirect tax reforms in India. As per, First Discussion Paper...

Fr Prashanth Reddy

6 0
0

Recommended Articles

How To Choose The Right School For Children?

Quality education does not only help children to get a successful career and life, but it also hugely contributes to society. The formal education of every child starts from school. Although there are numerous schools, parents find it challenging to choose the right one that would fit their child. It is difficult for them...

Read full article >

The Trend of E-learning and it’s Benefits

E-learning is not just about delivering lessons online. It has a much broader scope that goes beyond manual paper or PowerPoint Presentations. To understand the reach of E-learning and how the whole process works in developing the Educational system, we will discuss a few points here. Let us find out how this new learning...

Read full article >

Science, Arts Or Commerce - Which One To Go For?

Once over with the tenth board exams, a heavy percentage of students remain confused between the three academic streams they have to choose from - science, arts or commerce. Some are confident enough to take a call on this much in advance. But there is no worry if as a student you take time to make choice between - science,...

Read full article >

5 Engaging Activities For Children To Get...

Learning for every child starts from a very young age. While the formal methods include school curriculums and private lessons, the informal methods include dancing, music, drawing, and various fun-filling activities. Playing games and practising these types of activities helps the children get out of boredom and...

Read full article >

Find BCom Tuition near you
BCom Tuition in Delhi
BCom Tuition in Bangalore
BCom Tuition in Mumbai
BCom Tuition in Hyderabad
BCom Tuition in Chennai
BCom Tuition in Kolkata
BCom Tuition in Pune
BCom Tuition in Gurgaon
BCom Tuition in Jaipur
BCom Tuition in Noida

Looking for BCom Tuition ?

Learn from the Best Tutors on UrbanPro

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you