Accounting Chapter 7 Definitions Quiz

The name of the item for which an account is prepared, entered at the top of the page.

The most commonly used type or account, in which there are 3 columns, one for debit, one for credit, ad one for the amount of balance. Also known as - three-column account

An accounting entry to rectify the effect of an error

________-_______ is putting the account number in the journal, and journal page in the p.r section

The process of continuing an account or journal on a new page by carrying forward all the relevant information from the completed page.

The process of setting up a new account in the ledger

The process of transferring the accounting entries from the journal to the ledger (2nd)

A mistake caused by the interchanging of digits when transferring figures from one place to another. The difference of this errors always divisible by 9.