Assertion: general ledger | /r/AtLocation | balance
Facets:
value: always
type: TEMPORAL
value: for the current period
type: TEMPORAL
value: between the credit and debit amounts
type: OTHER
value: to maintain the accounting equation
type: PURPOSE
value: like a personal checkbook
type: OTHER
Source sentences:
text: Because each bookkeeping entry debits one account and credits another account in an equal amount, the double-entry bookkeeping system helps ensure that the general ledger is always in balance, thus maintaining the accounting equation:
text: Like a personal checkbook, the general ledger must always be in balance between the credit and debit amounts, and the information recorded holds all account information about a company over the course of its lifetime that is needed to prepare the financial statements.
text: This bookkeeping method helps ensure that the business never over-extends itself financially, and that the general ledger is always in balance to maintain the accounting equation:
text: Determine if the general ledger is in balance.
text: Closing entries should not be made until the general ledger is in balance for the current period.
text: This term basically refers to ensuring that the general ledger is in balance.