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Vital Vocabulary
Following the Steps
Being Objective
Crazy Concepts
Continuing Concepts
100
The process used to transfer information from the geebral journal to the general ledger.
What is posting?
100
The first step in posting.
What is entering the date?
100
Used as evidence that the company paid cash.
What is a check stub?
100
The type of entry recorded when a correction needs to be made to a posting that has been journalized and posted.
What is a correcting entry?
100
To leave open numbers in betweenn so that new accounts can be easily added.
What is why account numbers in the chart of accounts are assigned by 10's?
200
A book or group of accounts
What is a ledger?
200
The second step in posting.
What is entering the journal page number in the "Post Ref" column?
200
Used as evidence that the company received cash.
What is a receipt?
200
An asset that is easily converted to cash.
What is a liquid asset?
200
The process of arranging accounts in the general ledger, assigning account numbers, and keeping records current.
What is account maintenence?
300
The process of writing a name and an account number on the top of a ledger page.
What is opening an account?
300
The thrid step in posting.
What is entering the debit or credit amount from the journal onto the debit or credit line of the ledger?
300
Used as evidence that the company received cash for a sale.
What is a calculator tape?
300
Shows in one place all of the changes in a single account.
What is a ledger account?
300
The procedure for transferring information from a journal entry to a ledger account.
What is posting?
400
The list of accounts that a company uses.
What is the Chart of Accounts?
400
The fourth step in posting.
What is calculating and entering the new account balance?
400
Used as evidence that the company purchased supplies or needs to have a correcting entry made.
What is a memorandum?
400
How accounting personnel know where to resume posting if it is interrupted.
What is they go to the last completed post ref in the general journal and start at the next line?
400
The section of the chart of accounts signified by first digit in the account number 530.
What is Expense?
500
Checking the checkstub balance against the ending balance of the cash account in the general ledger.
What is proving cash?
500
The fifth and final step in posting.
What is returning to the journal and entering the account number in the "Post Ref" column?
500
Used as evidence that the company sold goods on account.
What is a sales invoice?
500
The procedure to follow to prove cash.
What is comparing the balance in the checkbook to the balance in the cash ledger account?
500
How you can tell that the posting of an entry is complete.
What is the account number has been entered in the Post Ref column of the journal?