Accounting Terms
A group of accounts.
What is Ledger
What is the first step in posting from a journal to a ledger?.
Write the date in the ledger account
What is the first digit of account numbers for owner’s equity?
4
Errors discovered before entries are posted must be corrected with what?
A correcting entry.
The asset division accounts are numbered in the 200s.
False (100s)
Writing an account title and number on the heading of an account.
What is Opening an account
What does the Post. Ref. column in the journal indicate?
Which entries have been posted.
If adding a new account between 510 and 520, what is its number?
515
What document describes a correcting entry?
A memorandum.
The balance-ruled account form has columns for debit and credit.
The balance-ruled account form has columns for debit and credit.True
A ledger that contains all accounts needed to prepare financial statements.
What is General ledger
How many steps are in posting an amount from the debit column of a general journal?
Five steps
The cash account for Delgado Web Services is numbered what?
110
True or False: When correcting an error in posting, you should erase the incorrect amount.
False – draw one line through it.
Double Jeopardy: Expense accounts are arranged alphabetically in the general ledger.
Worth 600 points!!!!
False – by type.
Transferring information from a journal entry to a ledger account.
Posting
When a debit is posted to an asset account, is the balance increased or decreased?
Increased
What does the first digit in an account number represent?
The general ledger division.
If an incorrect amount is posted, what must be done?
Draw a line through the error and write the correct amount above.
A ledger is a group of accounts.
True
An additional journal entry made to correct an incorrect journal entry.
Correcting entry
When a credit is posted to a liability account, what happens to the account balance?
It increases.
What does the procedure for arranging accounts and keeping records current refer to?
File maintenance
What must all corrections clearly show?
The correct amount and correction process.
A correcting entry always includes a credit to Cash.
False