Posting Process
| Description: | Parson - Chp 7 Posting Process |
| Category: | Accounting |
| Created by: | yparson on 2009-09-01 |
| Question | Answer |
| General ledger | The group of accounts used by a business. |
| Ledger Account Form | the accounting stationery used to record financial information about specific accounts. |
| Posting | the process of transferring information from the general journal to individual general ledger accounts, the fourth step in the accounting cycle. |
| Proving 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. |
| Trial balance | A formal way to prove that debits equal credits. |
| Transposition error | occurs when two digits within an amount are accidentally reversed, or transposed. |
| Slide error | Accidental misplacement of a decimal point in an amount. |
| Correcting entry | An entry made to correct an error in a journal entry discovered after posting. |
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