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Chapter 4
| Term | Definition |
|---|---|
| Ledger | A group of accounts. |
| General Ledger | A ledger that contains all accounts needed to prepare financial statements. |
| Account Number | The number assigned to an account. |
| File maintenance | The procedure for arranging accounts 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. |
| Account Form | |
| FYI – Another name for account form | |
| FYI – arrangement of Chart of Accounts | |
| FYI – List 5 General Ledger divisions | |
| FYI – List 2 Rules for posting amounts | |
| FYI – List 3 purposes of the Post Ref. | |
| FYI – List 2 purposes for the check marks | |
| FYI – List 2 advantages of posting special amount column totals only | |
| FYI – List steps to correcting an error in posting to the wrong account | Draw a line through the entire incorrect entry. Record the posting in the correct account. Recalculate the account balance. |
| FYI – List steps to correcting an incorrect amount posted in an account | Draw a line trough the incorrect amount. Write the correct amount just above the incorrect amount. Recalculate the account balance. |
| FYI – List steps to correcting an amount posted to the wrong column | Draw a line through the incorrect item in the account. Record the posting in the correct amount column. Recalculate the account balance. |
Created by:
andrew.v
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