ledger

Definition

The official book of record where all financial transactions are documented, serving as the single source of truth in accounting—or at least it's supposed to be. Modern ledgers are digital, but the concept remains: every debit and credit gets recorded in this master list. It's where accountants go to verify that yes, that expense really happened, and no, you can't just pretend it didn't.

Example Usage

The general ledger revealed that someone had been categorizing strip club visits as 'client entertainment,' which technically wasn't wrong but definitely wasn't right.

Source: Accounting terminology

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