PART A: Knowledge and Understanding Complete the following sentences by inserting the correct word or words in the blanks. (You will find the words in the box below, together with additional words that don't apply). 1. The General Ledger is a collection of all the _(s) that a business uses in their daily accounting transactions. 2. A definition of _is to transfer information about transaction from a journal to a ledger. 3. The process of continuing a General Ledger account or a journal page by carrying forward all the relevant information from the completed page is known as

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
PART A: Knowledge and Understanding
Complete the following sentences by inserting the correct word or words in the blanks.
(You will find the words in the box below, together with additional words that don't
apply).
1. The General Ledger is a collection of all the
_(s) that
a business uses in their daily accounting transactions.
2. A definition of _
is to transfer information about
transaction from a journal to a ledger.
3. The process of continuing a General Ledger account or a journal page by
carrying forward all the relevant information from the completed page is known
as
4. An error found soon after it is made is corrected by.
SC
and writing the correct amount immediately
the
incorrect amount.
5. An error found after quite some time requires a
journal
entry.
6. There are six steps in posting. The number of steps completed in the ledger is
and in the journal
7. The General Ledger page has 3 columns where dollar amounts are listed (money
columns). Each column is titled "Credit", “
* and
Journal
Correcting
Trial Balance
Income
Debit
Forwarding
Striking through
Balance
Above
Account
Posting
ONE
TWO
THREE
FOUR
FIVE
SIX
Transcribed Image Text:PART A: Knowledge and Understanding Complete the following sentences by inserting the correct word or words in the blanks. (You will find the words in the box below, together with additional words that don't apply). 1. The General Ledger is a collection of all the _(s) that a business uses in their daily accounting transactions. 2. A definition of _ is to transfer information about transaction from a journal to a ledger. 3. The process of continuing a General Ledger account or a journal page by carrying forward all the relevant information from the completed page is known as 4. An error found soon after it is made is corrected by. SC and writing the correct amount immediately the incorrect amount. 5. An error found after quite some time requires a journal entry. 6. There are six steps in posting. The number of steps completed in the ledger is and in the journal 7. The General Ledger page has 3 columns where dollar amounts are listed (money columns). Each column is titled "Credit", “ * and Journal Correcting Trial Balance Income Debit Forwarding Striking through Balance Above Account Posting ONE TWO THREE FOUR FIVE SIX
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Methods of accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education