A Schedule Set Up to Combine Similar General Ledger Accounts,the

question 25

Multiple Choice

A schedule set up to combine similar general ledger accounts,the total of which appears on the working trial balance as a single amount,is referred to as a:

• A)Supporting schedule.
• B)Lead schedule.
• C)Corroborating schedule.
• D)Reconciling schedule.

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Definitions:

Journal

A record where all financial transactions are initially documented in chronological order.

Normal Account Balances

The typical balance side (debit or credit) of an account based on its accounting function.

Increase Side

In double-entry bookkeeping, the side (debit or credit) of an account that is used to record increases in the account's balance, which varies depending on the account type.

Posting

The act of recording financial transactions in the ledger of a company as part of the accounting process.