Ledger item is a term used in accounting to refer to an item that is recorded in a ledger. An ASSET is an item of economic value owned by an individual or business, such as cash, investments, or property. An ENTRY is a record of an item in a ledger, which can include the date, description, and amount of the item. Together, these three terms refer to an item that is recorded in a ledger, such as an ASSET or an ENTRY.