Chapter 7 Word Scramble
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Term | Definition |
Correcting Entry | An entry made to correct an error in a journal entry discovered after posting. |
General Ledger | A permanent record organized by account number |
Ledger Account Forms | The accounting stationery used to record financial informations about specific accounts. |
Posting | The process of transferring information from the journal to individual general ledger accounts. |
Proving the Ledger | Adding all debit balances and all credit balances of ledger accounts, and then comparing the two totals to see whether they are equal. |
Slide Error | Error that occurs when a decimal point is moved by mistake. |
Transposition Error | Error that occurs when two digits within an amount are accidentally reversed, or transposed |
Trail Balance | A list of all the general ledger account names and balances; it is prepared to prove the ledger. |
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