Chapter 7 Accounting

In a manual accounting system, the accounting stationary used to record financial information about specific accounts is a

• ledger book
• ledger account form
• general journal
• journal entry book

The accounts used by a business can be kept on pages or cards, which are kept in a book or file called a

• chart of accounts
• account manager
• general ledger
• file cabinet

The fourth step of the accounting cycle is

• posting
• journalizing
• collect source documents
• analyze using T-charts

Posting is the process of

• analyzing expenses
• transferring cash to a personal account
• transferring information from the general journal to individual general ledger accounts
• completing the accounting cycle

Transactions that are itemized in the general journal

• do not always have a balance
• do not summarize similar transactions into the same location
• do not include activity in the Owner's Capital account
• list all activity for an accounting period

The posting reference column is used to

• record the date of entry
• record the amount of the debit
• identify where the journal entry is located
• identify which ledger account is being used

when a decimal point is moved by mistake it is called

• a transposition error
• a slide error
• sliding into home
• an equality errer

adding all the debit balances, then adding all the credit balances, and comparing the two to see if they are equal is called

• proving the ledger
• balancing the ledger
• recording the entries
• completing the accounting cycle

when two digits within an amount are reversed it is called

• crossing your fingers
• a slide error
• a transposition error
• a ledger error

a list of all the account names and their balances is called

• a chart of accounts
• a ledger balance
• an account balance
• a trial balance