C
Which accounts are listed on a trial balance?
All of them
When two digits are accidentally reversed when posted, this is known as a what?
Transposition Error
If the totals do not balance at the end, then that means there was an _______ somewhere during posting.
Error
When a decimal point is moved by mistake, this is known as a what?
Slide Error
When an error is discovered after posting, make a __________ __________.
Correcting Entry
A formal way to prove the ledger is to prepare a _______ _________.
Trial Balance
When you have to show a zero balance in a ledger account, you list it as what?
Straight line across the entry box
An Owner’s Equity account would show a balance in which column?
Credit
When computing an account balance in the ledger, debits are added to _______ and credits are added to ________.
Debits, Credits
How many ledger accounts are affected by each journal entry?
2
An asset account would show a balance in which column?
Debit
A liability account would show a balance in which column?
Credit
The ledger is also known as what? From section 7-2
The Book of Final Entry
How many steps are required to open up a general ledger account form?
2
When starting a new ledger page for an existing account, how many steps should be followed?
6
Adding all debit balances, then adding all credit balances, and finally comparing the two totals to see whether or not they are equal is called what?
Proving the Ledger
Managers use ledgers to obtain what?
Summarized information about accounts
The process of transferring information from the journal to the individual general ledger accounts is known as what?
Posting
What is the stationary used to record financial information in specific accounts?
Ledger Account Form
The general ledger is known as what?
A permanent record organized by account number
How many columns does the ledger account form have? Same ones we used in class.
4
The number of columns refers only to those columns in which _______ _______ are recorded.
How do you determine which balance column to use?
The account type determines the balance column
Posting to the ledger and Preparing a Trial Balance are which steps in the accounting process?
4 and 5
When writing transactions into the ledger, what goes into the posting reference box?
A G followed by the journal page number