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General Ledger

CATEGORY

Accounting and Audit

Definition

The general ledger is the master repository of all financial transactions of a company, organized into individual accounts for assets, liabilities, equity, revenue, and expenses. The general ledger serves as the central record-keeping system for accounting data, providing a comprehensive overview of a company's financial position and performance. It consolidates information from subsidiary ledgers and journals and forms the basis for preparing financial statements and analyzing business operations.

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