Key Terms
Numbering/Ordering
Posting
Miscellaneous/Concepts
Miscellaneous
100
A group of accounts
What is a ledger?
100
100 Cash 110 Petty Cash ____ Supplies
What is 120?
100
Cash has a Debit Balance of $5,000. You credit it for $3,300. What is the New Balance of Cash & is a debit or credit balance?
What is a Debit of $1,700?
100
Accounting Concept applied when a business's financial information is recorded & reported separately from the owner's personal financial information.
What is Business Entity?
100
Process of opening an account.
What is writing an account title & number on the heading of an account?
200
A ledger that contains all accounts needed to prepare financial statements
What is a general ledger?
200
130 Accounts Receivable - Oakdale School ____ Accounts Receivable - Office Depot 140 Accounts Receivable - Campus Cafe
What is 135?
200
The purpose of posting
What is to sort journal entries so that all debits & credits affecting each account are brought together in one place?
200
The source document for a correcting entry.
What is a memorandum?
200
Correcting Entry
What is a journal entry made to correct an error in the ledger?
300
Transferring information from a journal entry to a ledger account
What is Posting?
300
The way that the expenses are ordered on the chart of accounts.
What is alphabetical order?
300
The reason you return (Step 5) to the journal & write the account # in the Post. Ref. column of the journal.
What is to have a record of what entries have been posted?
300
When can cash be proven.
What is anytime?
300
The 5 General Ledger Divisions that are listed on a chart of accounts.
What are A, L, OE, R, & E?
400
Determining that the amount of cash agrees with the balance of the cash account in the accounting records
What is proving cash?
400
The numbered category that Owner's Equity are in.
What is the 300's?
400
The 5 step process for posting an amount from the general journal. (either debit or credit amount)
What is write the date, write the journal page # in the Post.Ref column of the account, write the amount, write the new account balance, & return to the journal and write the account number in the Post. Ref. Column of the journal?
400
The accounting Concept applied when revenue is recorded at the time goods or services are sold.
What is Realization of Revenue?
400
Since this form has columns for the debit & credit balance, it is often referred to as......
What is a balance-ruled account form?
500
Procedures for arranging accounts in a general ledger, assigning account numbers, and keeping records current
What is file maintenance?
500
Types of Accounts that are on a balance sheet vs. types of accounts listed on an income statement.
What is Balance Sheet = A, L, & OE and Income Statement = R, E?
500
The 3 purposes that the numbers in the Post. Ref. columns of the general ledger account & the general journal serve.
What are an entry in an account can be traced to its source in a journal, an entry in a journal can be traced to where it was posted in an account, & if posting is interrupted, the accounting personnel can easily see which entries in the general journal still need to be posted?
500
Accounting Concept applied when a source document is prepared for each transaction.
What is Objective Evidence?
500
Discovered that a payment of cash for advertising in October was journalized & posted in error as a debit to Miscellenous Expense instead of Advertising Expense, $140. Memorandum No. 15.
What is a Debit to Advertising Expense & a Credit to Miscellaneous Expense. S.D. = M15?
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