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Excerpt

A General Ledger Account (GL Account) is used to store specific accounting data. A General Ledger is made up of multiple General Ledger Accounts that are each classified as either:

  • Balance Sheet - Asset
  • Balance Sheet - Liability
  • Balance Sheet - Equity
  • Income Statement - Revenue
    • Income Statement - Expense

    An Income Statement (also known as a Profit and Loss Statement or a P&L) is the statement that shows profitability of the organization for a particular period of time, usually a month, fiscal period, quarter, or year.