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