Chapter 4
4. The Ledger
Definition: The main book of Accounts. All transactions from journals/ day books are posted here. It is the final place where we know the balance of each account.
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4.1 Classes of Accounts
✓ Real Accounts: Represent assets and liabilities (e.g., Cash, Buildings, Accounts Payable).
✓ Asset Accounts: Things owned by the business. Liability Accounts: What the business owes to others.
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