Vocab
Errors
The Accounting Cycle
Basic Accounting
100
The process of transferring information from the journal to individual general ledger accounts.
What is posting?
100
This error occurs when two digits within the amount are accidentally reversed.
What is a transposition error?
100
How many steps are in the accounting cycle?
What is 9?
100
This is on the left side of the T-Account.
What is a debit?
200
A list of all the account names and their current balances.
What is the trial balance?
200
This error occurs when a decimal point is moved by mistake.
What is a slide error?
200
What is the fourth step of the accounting cycle?
What is Posting to the Ledger?
200
This is on the right side of a T-Account.
What is a credit?
300
A permanent record organized by account number.
What is the general ledger?
300
This is written in the journal to fix an error, after discovered after posting.
What is a correcting entry?
300
What is the fifth step of the accounting cycle?
What is Preparing a Trial Balance?
300
Cash in bank is an example of a..
What is an asset?
400
Adding all of the debit balances and all of the credit balances and comparing the two totals to see whether they are equal.
What is proving the ledger?
400
This is found when the debit column does not equal the credit column.
What is an error?
400
What are he first four steps of the accounting cycle?
1. Collect and Verify Documents 2. Analyze Each transaction 3. Journalize each transaction 4. Post it to the ledger
400
This is the most liquid of all accounts.
What is cash in bank?
500
Information from specific accounts is recorded in this.
What is the ledger account form?
500
It is okay to erase an error when recording. True/False
False
500
Assets= Liabilities + Owners Equity
What is the basic accounting equation?
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