ACC* - Accounting ACC* M115 Lecture Notes - Lecture 20: Trial Balance, Accrual, General Ledger

• School: CCC
• Department: ACC* - Accounting
• Course: ACC* - Accounting ACC* M115
• Professor: Murphy

Document Summary

Postings should be done on a timely basis to ensure that the ledger is up to date. Reference column in journal indicates the entries that have been posted. The reference column of the ledger account indicates je page from which the transaction was posted. Chart of accounts - the number and type of accounts varies with each enterprise depending on the detail desired by management. For example; one company wants separate accountants for each type of utility, another wants one utility expense account. Smaller companies will have fewer accounts than a huge corporation. Companies have a chart of accounts that lists the accounts and numbers that identify location in the ledger. The numbering system usually starts with balance sheet accounts. These illustrations show the basic steps in the recording process. The trial balance - list of accounts and their balances at a given time. Prepared at the end of an accounting period. List accounts in order they appear in ledger.