General ledger
The general ledger contains the accounts used to classify and summarise the entity’s transactions and balances. It includes assets, liabilities, equity, income and expenses. Journal entries and transaction records are posted to these accounts, and their balances support the trial balance and financial statements. Individual customer and supplier records may be held in supporting ledgers.
Worked example
A bank payment of $600 rent is posted as a debit to rent expense and a credit to bank in the general ledger.
Common mistake
A ledger organises transactions by account; a journal organises entries by transaction or date. The two serve related but different functions.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | F1 | Direct | July 2027–August 2028 |
| ACCA | F2 | Supporting | July 2027–August 2028 |
| ACCA | FA | Direct | September 2026–June 2027 |
| ACCA | K1 | Direct | July 2027–August 2028 |
| CIMA | BA3 | Direct | Official assessment-window verification pending |
| FIA | FFA | Direct | September 2026–June 2027 |
Related terms
Also called: Nominal ledger