Cross-referencing

Four-column account is a running balance account that records debits and credits and has a column for an ending balance (debit or credit). It replaces the standard two-column account we used earlier.

Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Four-column account. A running balance account that records debits and credits and has a column for an ending balance (debit or credit). It replaces the standard two-column account we used earlier.

Related concepts

• Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.

Related coursework

• Principles of Accounting.

Cross-referencing is adding to the PR column of the journal the account number of the ledger account that was upgraded from the general journal.

Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Cross-referencing. Adding to the PR column of the journal the account number of the ledger account that was upgraded from the general journal.

Related concepts

• Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.

Related coursework

• Principles of Accounting.

Slide is the error that results in adding or deleting zeros in the writing of a number such as 79,200 instead of 7,920.

Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Slide. The error that results in adding or deleting zeros in the writing of a number such as 79,200 instead of 7,920.

Related concepts

• Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.

Related coursework

• Principles of Accounting.

Transposition is the accidental rearrangement of digits of a number such as 152 instead of 125.

Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Transposition. The accidental rearrangement of digits of a number such as 152 instead of 125.

Related concepts

• Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.

Related coursework

• Principles of Accounting.

Worksheet is a columnar device used by accountants to aid them in completing the accounting cycle -- often just referred to as spreadsheet. It is not a formal report.

Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Worksheet. A columnar device used by accountants to aid them in completing the accounting cycle -- often just referred to as spreadsheet. It is not a formal report.

Related concepts

• Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.

Related coursework

• Principles of Accounting.

Adjusting is the process of calculating the latest up-to-date balance of each account at the end of an accounting period.

Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Adjusting. The process of calculating the latest up-to-date balance of each account at the end of an accounting period.

Related concepts

• Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.

Related coursework

• Principles of Accounting.

Accrued salaries payable are salaries that are earned by employees but unpaid and unrecorded during the period (and thus need to be recorded by an adjustment) and will not come due for payment until the next accounting period.

Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Accrued salaries payable. Salaries that are earned by employees but unpaid and unrecorded during the period (and thus need to be recorded by an adjustment) and will not come due for payment until the next accounting period.

Related concepts

• Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.

Related coursework

• Principles of Accounting.

Adjusting journal entry is any journal entry that are needed in order to update specific ledger accounts to reflect correct balances at the end of an accounting period.

Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Adjusting journal entry. Journal entries that are needed in order to update specific ledger accounts to reflect correct balances at the end of an accounting period.

Related concepts

• Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.

Related coursework

• Principles of Accounting.

Permanent account (also known as real account). An account, such as Assets, Liabilities, and Owner's Capital, whose balances are carried over to the next accounting period.

Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Permanent account (also known as real account). An account, such as Assets, Liabilities, and Owner's Capital, whose balances are carried over to the next accounting period.

Related concepts

• Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.

Related coursework

• Principles of Accounting.

Temporary account (also known as nominal account) is an account whose balances at the end of an accounting period are not carried over to the next accounting period.

Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Temporary account (also known as nominal account). An account whose balances at the end of an accounting period are not carried over to the next accounting period.

Related concepts

• Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.

Related coursework

• Principles of Accounting.

Closing journal entry is a journal entry that is prepared to (a) reset all temporary accounts to a zero balance and (b) update Owner's Capital to a new balance.

Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Closing journal entry. A journal entry that is prepared to (a) reset all temporary accounts to a zero balance and (b) update Owner's Capital to a new balance.

Related concepts

• Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.

Related coursework

• Principles of Accounting.

Post-closing trial balance is the final step in the accounting cycle that lists only permanent accounts in the ledger and their balances after adjusting and closing entries have been posted.

Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Post-closing trial balance. The final step in the accounting cycle that lists only permanent accounts in the ledger and their balances after adjusting and closing entries have been posted.

Related concepts

• Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.

Related coursework

• Principles of Accounting.