What is another name for general ledger accounting?

General ledger accounting is often referred to as double entry accounting because it relies on a system where every financial transaction affects at least two accounts. This method ensures that the accounting equation—Assets = Liabilities + Equity—always remains balanced. Each transaction is recorded as a debit in one account and a corresponding credit in another, creating a comprehensive financial picture that promotes accuracy and accountability within the financial records.

In contrast to this, single entry accounting only records one side of a transaction, which may lead to incomplete financial data and does not maintain the same level of checks and balances as double entry accounting. Balanced accounting does not specifically refer to this practice but rather implies that the accounting records are in balance, and integrated ledger accounting is a more modern approach that incorporates various facets of accounting into one system but does not specifically denote the principles of general ledger accounting itself. Thus, double entry accounting is the correct term that directly aligns with the foundational concept of general ledger accounting.