A book or digital record containing all the financial accounts of a business, where transactions are systematically recorded and organized. The general ledger serves as the central repository for all accounting data and forms the basis for preparing financial statements.
From Middle English 'legger,' originally referring to a large book that 'lay' permanently in one place (from 'liggen,' to lie). The term evolved from 15th-century merchant practices where large account books were kept stationary on counting house desks. The modern accounting sense developed with double-entry bookkeeping.
The ledger got its name because it was literally too big and heavy to move around - it just 'lay' there on the accountant's desk like a sleeping financial giant! Today's digital ledgers maintain that same central, authoritative role, serving as the single source of truth for all financial transactions.
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