China’s Accounting Law: Types of accounting books
Accounting books are classified into the following types:
1. General ledger
General ledger, also known as general ledger account, is a ledger book that provides information based on the general ledger items.
2. Sub ledger
Sub ledger, also known as subsidiary ledger, is a ledger that is set to record detailed accounting information of a type of economic transactions based on the general ledger items.
3. Journal
A journal is set up based on the detailed accounts to which it belongs and is used to record all economic transactions in all details for future reconciliation. A journal, also known as a chronological accounting book, is an accounting book that continuously records various economic transactions in the order of their occurrence, day by day, and transaction by transaction. Based on the different contents it records, journals can be divided into general journals and special journals.
4. Auxiliary ledger
An auxiliary ledger, also known as a memorandum, is an accounting book as a supplementary record of certain economic transactions that are not recorded or completely recorded in journals or sub ledgers. It mainly provides necessary reference information for certain economic transactions, and is not required to set up by each entity but is determined based on the actual needs of an entity.
Practising lawyers
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Robert Zhang
An international lawyer registered in Shanghai, China. Master's degreePublish…
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Steve Li
An international lawyer registered in Shanghai, China. Master's degreePublish…
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