Unit 4 Flashcards
1
Q
ledger
A
A group of accounts.
2
Q
general ledger
A
A ledger that contains all accounts needed to prepare financial statements.
3
Q
account number
A
The number assigned to an account.
4
Q
file maintenance
A
The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current.
5
Q
posting
A
Transferring information from a journal entry to a ledger account.
6
Q
correcting entry
A
If a transaction has been improperly journalized and posted to the ledger, the incorrect journal entry should be corrected with an additional journal entry, called a correcting entry.
