Ch. 4 Journalizing and Posting Transactions
14. An error that occurs when two digits are reversed is known as
Transposition Error
15. A list used to prove that the totals of the debit and credit balances in the ledger accounts are equal is known as
Trial Balance
1.The journal of the first formal accounting record of a transaction is known as
Book of Original Entry
2. A list of all accounts used by a business that provides the answer to the second step in analyzing a business transaction is known as
Chart of Accounts
3. A general journal entry that affects more than two accounts is known as
Compound Entry
4. A method of correcting an entry in which an entry to correct an incorrect entry that has been journalized and posted to the wrong account is known as
Correcting Entry
6. The information in the Posting Reference columns of the journal and ledger that provides a link between the journal and the ledger is known as
Cross Reference
7. A complete set of all the accounts used by a business that accumulates a complete record of debits and credits made to each account as a result of entries made in the journal is known as
General Ledger
8. An account with columns for the debit or credit transaction and columns for the debit or credit running balance is known as
General Ledger Account
9. A day-by-day listing of the transactions of a business is known as
Journal
10. Entering business transactions into the journal is known as
Journalizing
11. Copying the debits and credits from the journal to the ledger accounts is known as
Posting
5. A method of correcting an entry in which a line is drawn through the error and the correct information is placed above it is known as
Ruling Method
12. An error that occurs when debit or credit amounts move a digit or two to the left or right is known as
Slide Error
13. Any document that provides information about a business transaction is known as
Source Document
16. A journal with only two amount columns, one for debit amounts and one for credit amounts is known as
Two-Column Journal
