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

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2
Q

is a list of general ledger accounts and their balances.

A

trial balance

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3
Q

It is prepared** to check the equality of total debits and total credits in the ledger. **

A

trial balance

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4
Q

this is prepared before adjusting entries are made.

A

Unadjusted trial balance

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5
Q

This is prepared after adjusting entries but before the financial statements are prepared

A

Adjusted trial balanc

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6
Q

this is prepared after the closing process.

A

Post-closing trial balance

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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

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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

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