Accounting Chapter 7: the General Ledger

Posting to the ledger is the...

• 3rd step in the accounting cycle

• 6th step in the accounting cycle

• 5th step in the accounting cycle

• 4th step in the accounting cycle

Preparing a trial balance is the...

• 3rd step in the accounting cycle

• 5th step in the accounting cycle

• 4th step in the accounting cycle

• 6th step in the accounting cycle

What is a general ledger?

• A group of all the accounts used by a business

• A group of all the transactions of an account used by a business

• The accounting papers used to record financial information

• Where all records of journalizations are located

Ledger Account Form

• The form necessary to fill out in order to open a ledger account

• Accounting papers used to record financial information

• Accounting papers used when filling in the general journal

• The form required used to group all business accounts together

How to open a $0 balance ledger account

• Write account name, write account number

• Write account number, write account name

• Write account name, write date, write account number

• Write account date, write account number, write account name

How do you open an account with a number balance?

• Write account name, write account number, write date, enter balance in balance columns, put check in Post. Ref. column, write "balance" in description column

• Write account number, write account name, put check in Post. Ref. column, write "balance" in description column, write date, enter balance in balance columns

• Write date, write account name, write account number, put check in Post. Ref. column, enter balance in balance columns, write "balance" in description column

• Write account name, write account number, write date, write "balance" in description column, put check in Post. Ref. column, enter balance in balance columns

What does posting mean?

• Putting a picture up on instagram

• Recording all of the business transactions on a general journal

• The process of transferring information from the general journal to individual general ledger accounts

• Recording all account balances on a trial balance sheet

How do you prove the ledger?

• Proof read the transactions to make sure the accounts are spelled correctly

• Go through the ledger and check the account numbers

• Look at the accounts and make sure they are all journalized the right way

• Add up all debit balances and all the credit balances and check to see if they match

What is a trial balance?

• The final balance of the account when all transactions are recorded

• A list of all account names, numbers, and their current balances

• A group of the final balances of the general journal records

• Another name for the general ledger

What is a transposition error?

• When two digits within an amount are accidentally switched

• When the account name is misspelled

• When there is an adding error in calculating the trial balance

• When the decimal point is moved by mistake