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A General Ledger, as it pertains to Related Party Transactions within the context of External Audit and Accounting Principles in Business, is a comprehensive record-keeping system that encompasses all of a company's financial transactions. This includes summarizing each transaction and posting it to the appropriate account in the ledger. The General Ledger serves as the foundation for creating financial statements, such as balance sheets and income statements, which are essential tools used by stakeholders to assess a business's financial health and performance. In the context of Related Party Transactions, the General Ledger plays a critical role in accurately capturing and reflecting all transactions between related parties, ensuring compliance with accounting principles and regulations. The General Ledger provides transparency into these transactions, making it easier for external auditors to identify any potential conflicts of interest, unusual transactions or other red flags that may indicate fraudulent activity. The General Ledger is a key component in the financial reporting process within a business. By providing a complete and accurate record of all financial transactions, it enables stakeholders to make informed decisions based on reliable financial information. The General Ledger's role in reflecting Related Party Transactions helps ensure transparency, accountability, and compliance with relevant accounting principles and regulations.