Lesson 7 Flashcards
1
Q
he third step in the accounting cycle, is the process of transferring data from the journal to the appropriate accounts in the ledger.
A
Posting
2
Q
is a list of general ledger accounts and their balances.
A
trial balance
3
Q
It is prepared** to check the equality of total debits and total credits in the ledger. **
A
trial balance
4
Q
this is prepared before adjusting entries are made.
A
Unadjusted trial balance
5
Q
This is prepared after adjusting entries but before the financial statements are prepared
A
Adjusted trial balanc
6
Q
this is prepared after the closing process.
A
Post-closing trial balance
7
Q
- Journalizing or posting one-half of an entry, i.e., a debit without a credit, or vice versa.
- Recording one part of an entry for a different amount than the other part.
- Errors of Transplacement (Slide error) on one side of an entry.
- Error of Transposition on one side of an entry.
A
Errors revealed by a trial balance
8
Q
*
- Omitting entirely the entry for a transaction
- Journalizing or posting an entry twice
- Using wrong account with the same normal balance as the correct account
- Wrong computation with the same erroneous amounts posted to debit and credit sides
A
Errors not revealed by a trial balance
