what are the different types of general ledger accounts?
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['Accounts receivable: money owed to your business—an asset account.', 'Accounts payable: money your business owes—an expense account.', "Cash: liquid assets your company owns, including owners' equity—an equity account."]
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Types of Accounts. 3 Different types of accounts in accounting are Real, Personal and Nominal Account. Real account is then classified in two subcategories – Intangible real account, Tangible real account. Also, three different sub-types of Personal account are Natural, Representative and Artificial.
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['Financial claims.', 'Financial institutions.', 'Financial Markets.', 'Government agency.']
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['Debit Purchase account and credit cash account. ... ', 'Debit Cash account and credit sales account. ... ', 'Debit Expenses account and credit cash/bank account.']
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A secondary ledger is an optional ledger linked to a primary ledger for the purpose of tracking alternative accounting. A secondary ledger can differ from its primary ledger by using a different accounting method, chart of accounts, accounting calendar, currency, or processing options.
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The ledger is the book that contains all the accounts. ... The chart of accounts is a listing of all accounts that a company has. There are five categories of accounts that make up the chart of accounts. They are asset, liability, owner's equity, revenue and expense accounts.
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General ledger and sub ledger are such accounts that record business transactions. The key difference between general ledger and sub ledger is that while general ledger is the set of master accounts where transactions are recorded, sub ledger is an intermediary set of accounts that are linked to the general ledger.
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['Cash accounts -- This is the most basic type of brokerage account. ... ', 'Margin accounts -- A margin account allows you to use borrowed money to invest.']
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An accounting ledger is an account or record used to store bookkeeping entries for balance-sheet and income-statement transactions. Accounting ledger journal entries can include accounts like cash, accounts receivable, investments, inventory, accounts payable, accrued expenses, and customer deposits.
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A subsidiary ledger contains the details to support a general ledger control account. For instance, the subsidiary ledger for accounts receivable contains the information for each of the company's credit sales to customers, each customer's remittance, return of merchandise, discounts, and so on.
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['Trusts come in different shapes and sizes. There is no one-size-fits-all trust. ... ', 'Discretionary Family Trust. ... ', 'Testamentary Trust. ... ', 'Special Disability Trust. ... ', 'Family Lineage Trust. ... ', 'Spendthrift Trust. ... ', 'Unit Trust. ... ', 'Business Trust.']
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Account is a place where transactions are recorded and Ledger is a place where accounts are maintained.
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The accounts receivable ledger is a subledger in which is recorded all credit sales made by a business. It is useful for segregating into one location a record of all amounts invoiced to customers, as well as all credit memos and (more rarely) debit memos issued to them, and all payments made against invoices by them.
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A General Ledger report in QuickBooks Online shows a list of transactions from all accounts for a specific date range. Examples of these accounts include the asset accounts such as Cash, Accounts Receivable, Equity and Undeposited Funds.
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Each account maintained by an organization is known as a ledger account, and the collection of all these accounts is known as the general ledger. The general ledger is the backbone of any accounting system which holds financial and non-financial data for an organization.
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The general ledger includes information that does not meet the specific requirements of subsidiary ledgers. However, companies prefer to use subsidiary ledgers when recording financial transactions to limit the amount of detailed information in the general ledger.
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Some ledger accounts have a debit balance, some have a credit balance. Assets and expenses account appear as debt balances, whereas liabilities, shareholders equity and income accounts appear as credit balances.