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Chapter 7
Key Terms
Term | Definition |
---|---|
Posting | process of transferring information from the journal to individual general ledger accounts |
general ledger | permanent record organized by account number |
ledger account forms | accounting stationary used to record financial information about specific accounts |
proving the ledger | adding all debit balances and all credit account balances, and then comparing the two totals to see whether they are equal |
trial balance | a list of all the general ledger account names and balance; used to prove the ledger |
transposition error | two digits within an amount are accidentally reversed, or transposed |
slide error | decimal point is moved by istake |
correcting entry | an entry made to correct in a journal discovered after posting |