Page 46 - F3 -FA Integrated Workbook STUDENT 2018-19
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Chapter 3
Ledger accounting and the accounting
equation
4.1 Division of the ledger
The general or nominal ledger refers to the overall system or set of individual ledger
accounts maintained by a business entity to record transactions.
Within the general or nominal ledger, there are lots of individual ledgers or accounts
for individual assets, liabilities, income, expense and equity. There is no rule as to
how many ledger accounts an entity should have but the system should facilitate
effective and efficient accounting and control.
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