A general ledger represents the record-keeping system for a company’s financial data, with debit and credit account records validated by a trial balance. … Transaction data is segregated, by type, into accounts for assets, liabilities, owners’ equity, revenues, and expenses.

What is a general ledger example?

There are many examples of a general ledger as they record every financial transaction of a firm. Furniture account, salary account, debtor account, owner’s equity, etc., are some examples.

What are the 4 sections in a general ledger?

General ledgers contain four parts: the chart of accounts, financial transactions, account balances and accounting periods. Generally, accountants refer to the accounts from the chart of accounts as general ledger accounts.