BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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General Ledger (G/L) Accounts
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Income Statement
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Statement of Cash Flows
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Balance Sheet
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Detailed explanation-1: -A general ledger (GL) is a set of numbered accounts a business uses to keep track of its financial transactions and to prepare financial reports.
Detailed explanation-2: -General Ledger Accounts (GLs) are account numbers used to categorize types of financial transactions. Most commonly used GLs are revenues, expenses and transfers. A “chart of accounts” is a complete listing of every account in an accounting system.
Detailed explanation-3: -In SAP, the Chart of Accounts (COA) is defined at the client level and assigned to each company code. It is a list of General Ledger account’s master data that fall under different account groups of a company code. This grouping mechanism helps to develop better financial reports.
Detailed explanation-4: -General ledger definition Accounts typically recorded in a GL include: assets, liabilities, equity, expenses, and income or revenue. The general ledger definition may include a physical or digital record of such information, potentially embedded in a more sophisticated system of accounting software.