In an accounting context, what does the term "ledger" refer to?

The term "ledger" in an accounting context refers to a comprehensive record that captures all financial transactions of an organization. This includes detailed information on each transaction related to assets, liabilities, equity, revenues, and expenses, systematically categorized into accounts. The ledger serves as a vital tool for maintaining accurate financial records, ensuring that all transactions are properly documented for reporting and auditing purposes.

Other options, while related to aspects of financial management, do not adequately define what a ledger is. A summary of expenses only does not encompass the full range of transactions that a ledger includes, as it comprises both income and expenditure accounts. Similarly, while a ledger may be associated with the process of recording transactions like a journal, it serves a broader purpose than merely being a type of journal. Lastly, a financial forecasting tool is not related to the ledger; instead, it is used to predict future financial outcomes and does not involve the historical transaction recording that a ledger provides.