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ch 7
Term | Definition |
---|---|
correcting entry | an entry made to correct an error in a journal entry discovered after posting |
general ledger | an all purpose journal in which all the transactions of a business may be recorded |
ledger account forms | accounting stationary used to record finical information about specific accounts |
posting | process of transferring information from the journal to individual general ledger accounts |
providng 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 moved by mistake |
transposition error | error that occurs when two digits within an amount are accidentally reversed or transported |
trial balance | list of all the general ledger account names and balances it is prepared to prove the ledger |