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Accounting
Ch. 4 Vocabulary
| Question | Answer |
|---|---|
| account number | the number assigned to an account |
| correcting entry | if a transaction has been improperly journalized and posted to the ledger, the incorrect journal entry should be corrected with an additional journal entry, called a correcting entry |
| file maintenance | the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current |
| general ledger | a ledger that contains all accounts needed to prepare financial statements |
| ledger | a group of accounts |
| opening an account | writing an account title and number on the heading of an account |
| posting | transferring information from a journal entry to a ledger account |
| account form | used to summarize in one place all the changes to a single account/ a separate form for each account |
| account title | name given to an account is known as an account title |
| check marks | indicate that amounts ARE NOT posted individually |
| memorandum | prepared as the source document describing the correction to be made |
| correcting an error or incorrect amount or incorrect item | draw a line through the entire incorrect entry/ incorrect amount/ incorrect item |
Created by:
KristiWilliams