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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.
These accounts represent all those investments that take place in business.
Expenses that can hamper or reduce the profit value of any transactions are recorded in this account.
Debited balances are showcased here which are formed due to assets. These assets can conserve their value.
Sales and other profit increasing incomes are reflected by this account.
In this account, you can see the records of debts of business and also the credit balance which comes with it.
Although you have seen a brief information about the 5 primary and important account types of ledger, in classification of ledger accounts homework help service, you will find all in details.
Further categorization of these accounts
The above 5 types are further categorized into 2 groups. They are:
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