A ledger account is an account which contains a record of the business transactions. It is actually a separate record inside the general ledger which is assigned to a particular asset, equity item, liability, revenue type or an expense type.

Examples of ledger accounts are:
  • Cash
  • Accounts receivable
  • Inventory
  • Fixed assets
  • Accounts payable
  • Salaries and wages
  • Office expenses
  • Income tax expense
BY Best Interview Question ON 20 Apr 2019