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8 Cards in this Set
- Front
- Back
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Ledger
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A group of accounts
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General ledger
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Ledger that contains all accounts needed to prepare financial statements.
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File Maintenance
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procedure for arranging accounts in a general ledger,assigning account numbers,andkeeping records current
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Opening an account
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Writing an account title and number on the heading of an account.
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Posting
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Transferring information from a journal entry should be corrected with an additional journal entry.
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Corecting entry
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in such a case, the incorrect journal entry should be corrected with an additional Journal entry.
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Left
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Balance sheey account
Accounts affected are assets, liabilities, and owners equity |
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Right
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Income Statement accounts
Accounts affected Revenue and Expenses. |
