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Mastering General Ledger: A Comprehensive Guide for Financial Management

Learn the essentials of general ledger management, from creating a chart of accounts to posting journal entries and balancing cash. This guide covers key concepts and practical steps for maintaining accurate financial records.

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Mastering General Ledger: A Comprehensive Guide for Financial Management

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  1. Chapter Five 7 Words

  2. Ledger

  3. A group of accounts

  4. General Ledger

  5. A ledger that contains all accounts needed to prepare financial statements

  6. Account Number

  7. The number assigned to an account

  8. File Maintenance

  9. The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current

  10. Opening an Account

  11. Writing an account title and number on the heading of an account

  12. 1 2 OPENING AN ACCOUNT IN A GENERAL LEDGER 1. Write the account title. 2. Write the account number. Lesson 5-1, page 99

  13. Posting

  14. Transferring information from a journal entry to a ledger account

  15. Proving Cash

  16. Comparing Cash balance with checkbook balance (they should equal!) (Can be done at any time)

  17. Do you know? • How to Create a Chart of Accounts? • How to Post from the Journal to the ledger (4 steps) • What a post reference number? • how to add and subtract in a general ledger? • How to prove cash?

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