General Ledger $400 What is the basic accounting equation?
General Ledger $500 (1) Write the account name at the top of the ledger account form. (2) Write the account number on the ledger account form. (3) Enter the complete date (year, month, and day) in the date column. (4) Write the word “Balance” in the Description column. (5) Place a check mark ( ) in the Posting Reference column to show the amount entered on this line is not being posted from a journal. (6) Enter the balance in the appropriate balance column of the ledger account form. Usually asset, expense and owner’s withdrawals accounts have debit balances. Liability, owner’s capital, and revenue accounts have credit balances.
General Ledger $500 What are the six steps to open an account with a balance?
The Posting Process $100 Fourth Step in the accounting cycle.
The Posting Process $100 What is the posting process?
The Posting Process $200 Account numbers that start with 1.
The Posting Process $200 What number starts the numbering of asset accounts?
The Posting Process $300 A line across the center of the column.
The Posting Process $300 What is the correct procedure to show a zero balance in a ledger account?
The Posting Process $400 Preparing a Trial Balance step.
The Posting Process $400 What is the fifth step in the accounting cycle?
The Posting Process $500 Posting Organizes business transaction details into the proper accounts.
The Posting Process $500 What is the importance of Posting?
Preparing Trial Balance $100 The Fifth Step in the Accounting Cycle.
Preparing Trial Balance $100 What is the Trial Balance?
Preparing Trial Balance $200 Adding all the debit balances, then adding all the credit balances, and finally comparing the two totals.
Preparing Trial Balance $200 What are the steps to proving the ledger?
Preparing Trial Balance $300 Trial Balance
Preparing Trial Balance $300 What is a formal way or way to prove that debits equal credits?
Preparing Trial Balance $400 Two Column accounting stationery or form.
Preparing Trial Balance $400 What is the paper that the trial balance is prepared on?
Preparing Trial Balance $500 Error in a journal entry that is not posted. Error in posting to the ledger when the journal entry is correct. Error in a journal entry that is posted.
Preparing Trial Balance $500 What are some common types of errors found in accounting?
Finding Errors $100 Correcting Entry.
Finding Errors $100 What is the step to fix an error that has been posted?
Finding Errors $200 “To err is human…”
Finding Errors $200 Why are mistakes found in accounting? What is a philosophical statement found under the correcting entry heading?
Finding Errors $300 Transposition error.
Finding Errors $300 What is the type of error called when two digits within an amount are accidentally reversed?
Finding Errors $400 Slide Error.
Finding Errors $400 What is the error called when a decimal point is moved by mistake?
Finding Errors $500 Finding errors and making sure they are fixed.
Finding Errors $500 What is Good Accounting Etiquette?