Accounting Terms
A group of accounts.
What is a ledger?
What does the first number in an account number stand for?
What is the general ledger division?
What number is assigned to the Assets category?
What is the number 100?
The five steps for posting to the ledger.
What is write the date, write the journal page number, write the debit amount, write the new account balance, and return to the journal and write the account number?
The procedure for arranging accounts in a genera ledger, assigning account number, and keeping records current.
What is file maintenance?
A ledger that contains all accounts needed to prepare financial statements.
What is a general ledger?
What do the second two number in an account number stand for?
What is the location within the general ledger.
The five main categories of the Chart of Accounts
What is Assets, Liabilities, Owners Equity, Revenue and Expenses?
The steps for posting a second amount to an account.
What is date, journal page number, debit amount, and write the new balance?
Writing an account title and number on the heading of an account.
What is opening an account?
The number assigned to an account.
What is an account number?
What is increments of 10?
These accounts are on the left side of the chart of accounts. Asset, Liabilities, Owners Equity. What are the referred to as.
What is Balance Sheet Accounts?
The check mark in the post reference stands for this.
What are amounts are not posted individually?
Because this form has columns for the debit and credit balance it is often referred to this.
What is the balance-ruled account form?
An additional journal entry made to correct an incorrect journal entry.
What is a correcting entry?
As the number of general ledger accounts increases a business may do what with the account numbers.
These Accounts are on the Right side of the Chart of Accounts. Revenue and Expenses These are referred to as this.
Check marks at the bottom of a column indicate this.
What is that the general amount column totals are not posted.
It can be difficult and time-consuming to calculate the balance. Therefore there are what two columns added to the ledger form.
What is the Debit and Credit Balance?
Transferring information from a journal entry to a ledger account.
What is Posting?
Expenses are organized in this way.
What is alphabetical order.
How many categories of accounts are on a Chart of Account?
This should be written at the bottom of the cash column after the amount is posted in the ledger.
What is the account number.
If an account must be added in between two other accounts what is the general practice for number that account.
What is the middle unused number?