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eChapter 7 key terms

Accounting

TermDefinition
Correcting Entry is made in order to fix an erroneous transaction that had previously been recorded in the general ledger.
General Ledger is a complete record of financial transactions over the life of a company. The ledger holds account information that is needed to prepare financial statements.
Ledger Account Forms A separate page in a ledger that records increases and decreases in each balance sheet item.
Posting s when the balances in sub ledgers and the general journal are shifted into the general ledger.
Proving the Ledger Adding all debit balances and all the credit balances of the ledger accounts, then comparing the two to see whether they are equal,
Slide Error Accounting miscalculation caused by moving the decimal point or number to the left or right from the correct position.
Transposition error A simple error of data entry. Transposition errors occur when two digits that are either individual or part of a larger sequence of numbers are reversed when posting a transaction.
Trial Balance a statement of all debits and credits in a double-entry account book, with any disagreement indicating an error.
Created by: 237518