• From: India
  • Registered: 12/05/2013
  • Posts: 12

Topic: Account Subject Topics

Hi....guys Presently I am pursuing BBA 1st year but I am from Science Stream. Honestly I have very huge confusion between the term General Ledger, Trial Balance and Balance Sheet. I'll be very greatfull if you can explain these term to me. Thanks.

  • From: Netherlands, Amsterdam
  • Registered: 03/06/2011
  • Posts: 111

Re: Account Subject Topics

The general ledger is the central repository of all accounting data. It is not a particular view or list, but it's the collective noun for all the accounting data.

The trial balance contains an overview of the beginning balance, period activity (Debit, credit amounts) and ending balance. The trial balance contains both balance sheet accounts and profit & loss accounts.

The balance sheet shows only the balance sheet accounts (assets, liabilities and equity) as per a given period.

The P&L statement shows the income and expenses for a given period.