Chapter 4 Terms
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| Ledger |
Group of accounts. |
| General Ledger |
A ledger that contains all accounts needed to prepare financial statements. |
| Account Number |
Number assigned to an account. |
| File Maintenance |
The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current. |
| Posting |
Transferring information from a journal entry to a ledger account. |
| Correcting Entry |
An incorrect journal entry should be corrected with an additional entry called a correcting entry. |
| Opening an Account |
Writing an account title and number on the heading of an account. |
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