Acct 1, Chap 4
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Created by:
TeanneMeeker on March 8, 2011
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7 terms
Terms | Definitions |
|---|---|
 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 |
| correcting entry | In such a case, the incorrect journal entry should be corrected with an additional journal entry. |
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