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Chapter 5 vocab
Question | Answer |
---|---|
An account form that has columns for the debit and credit balance | Balanced-rule Account Form |
A group of accounts | Ledger |
A ledger that contains all accounts needed to prepare financial statements | General ledger |
The number assigned to an account | Account number |
Assets, Liabilities, Owner's Equity, Revenue, Expenses | 5 General Ledger Divisions |
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 |
When the posting reference is always recorded in the journal | Last step in posting |
Determining that the amount of cash agrees with the balance of the cash account in the accounting records | Proving cash |
A journal entry made to correct an error in the ledger | Correcting entry |
Two zeros are written in the cents column | Double zeros |
When business transactions are stated in numbers that have common values | Unit of measurement |