Unit 4 Accounting Review

4.01

100

The number assigned to the account.

Account Number

200

An entry is made to correct an error that is discovered after posting is completed.

Correcting Entry

300

A ledger that contains all the accounts needed to prepare financial statements.

General ledger

400

Write an account title and number on the heading of an account.

Opening An Account

500

Determining that the amount of available cash agrees with the balance of the cash account.

Proving Cash

4.03

100

The difference between total revenue and total expenses when total expenses are greater than total revenue

Net loss

200

Changes recorded on a worksheet to update the general ledger accounts at the end of a fiscal period

Adjustments

300

Journal entries recorded to update general ledger accounts at the end of the fiscal period

Adjusting entries

400

Reports net income or net loss financial information over a defined period of time

Income statement

500

Total of goods on hand for sale to customers

Merchandise inventory