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Chapter-5
Chapter 5
Question | Answer |
---|---|
Ledger | A group of accounts. |
General Ledger | A ledger that contains all acounts needed to prepare financial statements. |
Account Number | The number assigned to an account. |
File maintenance | The procedure for arranging accoutns in a general ledger, assigning account numbers, and keeping records current. |
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. |
Correcting Entry | A journal entry made to correct an error in the ledger. |