What's this BS?
(Basic Stuff)
(Basic Stuff)
If there is an error in posting we need to make this type of entry.
What is a correcting entry?
The number of times the year has to be written on a journal entry page.
What is once?
This is when posting (copying) should begin in the accounting process.
What is "after all of the journal entries are written for the period"?
This is a list of all the accounts used by a business to record transactions in the general journal.
What is a Chart of Accounts?
This is so similar accounts that are added later to the chart of accounts can be grouped close together in the chart.
What is "why are there gaps between the account numbers in the chart"?
If there is a check mark in the journal entry what do we put in the post ref column?
What is a check mark?
The procedure of arranging accounts in a general ledger, assigning account numbers, and keeping records current is known as
What is file maintenance?
The cash account is the first asset account and is numbered
What is 110?
All, every, any asset account in the chart of accounts will begin with this number.
What is a "1"
Separate amounts in a journal's special amount columns (sales and cash) only post the
What is totals?
When we open an account there are two steps what are they?
What is account name and number?
This type of account in a journal entry is always listed second.
What is a credit account?
There are five steps in posting - write the date, the journal page number, the amount, balance and
What is account number in the post ref on the journal page?
This is when the account numbers are put in the posting reference (post. ref.) column on the journal entry page being posted.
What is ***AFTER*** each account is posted to the general ledger.
If we post a debit and then post another debit to the same account these numbers are
What is added ?
The last step in posting is to ....
What is put the account number in the journal?
This is when it is ok for the total debits in a journal entry to not be equal to the total credits.
What is Never....Never.....Never?
This is where the journal entry page number is put when you are posting journal entries to the general ledger.
What is the Posting Reference (Post. Ref.) column?
This is why you enter the account numbers on the journal page when you do. *****Daily Double*****
What is "because your instuctor (me) says so" ? Just kidding..it's to serve as a checking tool to make sure an entry has been posted and if interrupted you know where you left off.
A group of accounts is called a
What is ledger?
A check mark in parentheses below a General Debit column total indicates that the total is
What is not posted?
The column total of the General Credit column is
What is not posted?
If a payment of cash for rent was posted in error as a debit to Miscellaneous Expense instead of Rent Expense how would this be fixed?
What is credit Miscellaneous Expense and debit Rent Expense?
Revenue accounts in the chart of accounts always start with this number.
What is a "4"?
This is when it is ok to erase information written in a journal entry or posted to the general ledger.
What is Never...Never....Never in the "real world"?