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Accounting

Chapter 7

TermDefinition
Posting The process of transferring information from the journal to individual general ledger accounts.
General Ledger A permanent record organized by account number
Ledger account forms Information about specific accounts
Proving the ledger Adding all the debit balances then adding all the credit balances and finally comparing the two totals to see whether they are equal
Trial Balance A formal way to prove the ledger
Transposition error occurs when two digits within an amount are accidentally reversed or transposed
Slide error occurs when a decimal point is moved by mistake.
Correcting entry an entry made to correct an error in a journal entry discovered after posting
Created by: 304715