| A | B |
|---|
| account number | The number assigned to an account. |
| correcting entry | A journal entry made to correct an error in a ledger. |
| file maintenance | The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current. |
| general ledger | A ledger that contains all accounts needed to prepare financial statements. |
| ledger | A group of accounts. |
| opening an account | Writing an acocunt title and number on the heading of an account. |
| posting | Transferring information from a journal entry to a ledger account. |
| accounting cycle | The series of accounting activities included in recording financial information for a fiscal period. |
| adjusting entries | Journal entries recorded to update general ledger accounts at the end of a fiscal period. |
| closing entries | Journal entries used to prepare temporary accounts for a new fiscal period. |
| permanent accounts | Accounts used to accumulate information from one fiscal period to the next. |
| post-closing trial balance | A trial balance prepared after the closing entries are posted. |
| temporary accounts | Accounts used to accumulate information until it is transferred to the owner's capital account. |
