The general ledger is also known as the main or nominal ledger, because it holds both sides of double-entry transactions. In contrast, the purchase and sales ledgers are called subsidiary ledgers ...

Nonprofit organizations often receive funding from individual donors and other outside support. The need for clarity and disclosure becomes evident when soliciting contributions. However, whether the ...

General ledger records each transaction both as a debit and a credit, ensuring balance. Understanding the general ledger aids in interpreting financial statements like balance sheets. Investors can ...

In accounting, account titles are the names given to the various categories used to keep track of a businesses finances. For any and every transaction, these accounts are updated to reflect what ...

A cash disbursement journal is a running record of a company's recent cash transactions, which must later be copied over to the general ledger. What Is a Cash Disbursement Journal? A cash disbursement ...

Account reconciliation is a critical process in financial accounting where internal records are compared with external documents to ensure consistency and accuracy. It helps verify that all ...