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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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What is the difference between an account and a ledger?

To determine

Explain the difference between an account and a ledger.

Explanation

Recording Process:  The recording process of any accounting transaction starts with analyzing the transaction, journalizing the transaction, and posting them into the relevant account.

  • An account refers to a financial record in the general ledger, where the increase or decrease in the values of the assets, liabilities, stockholder’s equity, revenues or expenditures of the business, pertaining to a particular period are recorded.
  • A ledger refers to the collection of different accounts maintained by the business during a particular period that records the changes during the specific period, and provides the balance at the end of the period.

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