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this lesson will take you through an introduction to the general ledger the general ledger is simply all of your T accounts shown in a little bit more detail than you did before the general ledger is usually divided up into two main sections so that when you need the information for the relevant financial statements it is easier to found the first section will be all of those accounts that you would use to prepare a statement of financial position in other words your assets your equity and liabilities that will indicate what the state of the business actually is the second main section will be used to prepare the statement of income in other words all the incomes and expenses that will be used to show the profit or loss that has been made by the business for this period of time note that a statement of financial position used to be called a balance sheet and so sometimes this is still called the balance sheet section the statement of income section used to be called the nominal account