General Ledger Basics
This contains all accounts needed to prepare financial statements
This contains all accounts needed to prepare financial statements
This column's separate amounts are posted individually in a journal.
What is the General Debit/Credit column?
Account numbers are typically assigned by this increment to allow for new accounts
What is 10s?
This mark below the General Credit column total indicates that the total is not posted.
What is a check mark in parentheses?
This term describes the process of recording transactions in a journal.
What is journalizing?
The first digit of each account number indicates this
What is the general ledger division?
This is the first step in the posting process.
What is the date?
This is a group of accounts
What is a ledger?
If Accounts Receivable account has a $15,000 debit balance and $3,000 is posted to the Credit amount column, the new balance is written in this column.
What is the Balance Debit column?
This document contains a list of all accounts used by a company
What is a chart of accounts?
This process involves assigning account numbers and keeping records current
What is file maintenance?
This is calculated and recorded each time an amount is posted to a ledger account.
What is a new account balance?
The first digit in account number 310 indicates it belongs to this division of the general ledger.
What is the Owner's Equity division?
This column in the journal is NOT posted in the ledger
What is the source document/Doc No?
This term refers to the left side of an account
What is debit?
When adding a new expense account between accounts numbered 520 and 530, you would assign this number.
What is 525?
A check mark in this column of a journal indicates that no amounts on that line are posted individually.
What is the Post. Ref. column?
When adding a new account, you should consider this to maintain organization
What is the account grouping or classification?
These are the only columns that monthly totals are posted to the ledger.
What are special amount columns?
This principle states that every transaction affects at least two accounts.
What is the double-entry accounting system?
This term describes the process of transferring information from a journal entry to a ledger account.
What is posting?
After all posting is completed, this column of the journal should be completely filled in, except for the Totals Line.
What is the Post. Ref. column?
This should be the first item that is written on a Chart of Accounts.
What is the Company Name?
This is the last step in posting an entry to an account.
This term describes the difference between the total debits and total credits in an account.
What is the account balance?