The Accounting Process

Part-A
Brief Questions
4th part

25.What is General Journal?
Ans:The most basic form of journal.

26.What is Journalizing?
Ans:The entering of transaction data in the journal.

27.What is Posting?
Ans:The procedure of transferring journal entries to the ledger accounts.

28.What is simple entry?
Ans:A journal entry that involves only two accounts.

29.What is T-account?
Ans:The basis form an account.

30.What is Ledger?
Ans:The entries group of accounts maintained by a company.

31.What is general ledger?
Ans:A ledger that contains all assets,liability,and owner's equity accounts.

32.What is Three-column form of account?
Ans:A form with columns for debit,credit and balance in an account.