Definitions from the Web
General Ledger Account
Description:
A general ledger account is a financial record that tracks and summarizes all transactions related to a specific category or type of asset, liability, revenue, or expense within an organization.
Senses:
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Sense:
Noun - A standard account used in the general ledger to organize and classify financial transactions.
Example sentence: In order to maintain accurate financial records, each transaction must be recorded in the appropriate general ledger account.
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Sense:
Noun - An account representing an individual's personal financial transactions.
Example sentence: John reviewed his general ledger account to ensure all his expenses were accounted for.
Usages:
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Usage:
Popular - General ledger accounts are widely used by businesses and organizations to systematically record and monitor their financial activities.
Example sentence: A well-organized general ledger account structure is crucial for efficient financial management.
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Usage:
Local - General ledger accounts may be customized and structured differently based on specific industry requirements or local regulations.
Example sentence: The local government implemented a specialized general ledger account system to accommodate the unique needs of their municipality.
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