Classification of Ledger Accounts Assignment Help

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Conceptualizing ledger account

Defined as a record or an account, a ledger account is used for storing and sorting business transaction details in the income statement and balance statement. Ledger account should not be confused with general ledger account as the former is a separate record which is a part of the latter.

Different types of ledger account

Albeit the various types of accounts under ledger account, 5 are mainly utilized and are presented here with abrief explanation.

  • Capitals

These accounts represent all those investments that take place in business.

  • Expenses

Expenses that can hamper or reduce the profit value of any transactions are recorded in this account.

  • Assets

Debited balances are showcased here which are formed due to assets. These assets can conserve their value.

  • Incomes

Sales and other profit increasing incomes are reflected by this account.

  • Liabilities

In this account, you can see the records of debts of business and also the credit balance which comes with it.

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Further categorization of these accounts

The above 5 types are further categorized into 2 groups. They are:

  • Temporary ledger accounts
  • Permanent ledger accounts

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  • Income statement accounts
  • Various types of it
  • Utility of those ledgertypes
  • Format of ledgers, and many other aspects

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