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Accounting ch 4
College Accounting ch 4
Question | Answer |
---|---|
Book of Original Entry | The journal or the first formal accounting record of a transaction. |
Chart of Accounts | A list of all accounts used by a business. |
Compound Entry | A general journal entry that affects more than two accounts. |
Cross-Reference | The information in the Posting Reference columns of the journal and ledger that provides a link between the journal and ledger. |
General Ledger | A complete set of all accounts used by a business. The general ledger accumulates a complete record of the debits and credits made to each account as a result of entries made in the journal. |
General Ledger Account | An account with columns for the debit or credit transaction and columns for the debit or credit running balance. |
Journal | A day-by-day listing of the transactions of a business. |
Journalizing | Entering the transactions in a journal. |
Posting | Copying the debits and credits from the journal to the ledger accounts. |
Ruling Method | A method of correcting an entry in which a line is drawn through the error and the correct information is placed above it. |
Slide Error | An error that occurs when debit or credit amounts "slide" a digit or two to the left or right. |
Source Document | Any document that provides information about a business transaction. |
Transposition Error | An error that occurs when two digits are reversed. |
Trial Balance | A list used to prove that the totals of the debit and credit balances in the ledger accounts are equal. |
Two-Column General Journal | A journal with only two amount columns, one for debit amounts and one for credit amounts. |