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Accounting Chapter 7
Term | Definition |
---|---|
Correcting Entry | An entry made to correct an error made in a journal entry discovered after posting |
General Ledger | A permanent record organized by account number |
Ledger Account forms | The accounting stationary used to record financial information about specific accounts |
Posting | The process of transferring information from the journal to individual general ledger accounts |
Posting the ledger | Adding all debit balances and all credit balances of ledger accounts and then comparing the two totals to see whether they are equal |
Slide Error | Error that occurs when a decimal point is removed by mistake |
Transposition Error | Error that occurs when two digits within an amount are accidentally reversed or transposed |
Trial Balance | A list of all the general ledger account names and balances; it is prepared to prove the ledger. |