Expert Answers

1.     In what order are accounts arranged in the general ledger? Why?
2.     What are posting references? Why are they used?
3.     What is an audit trail? Why is it desirable to have an audit trail?
4.     How should correction be made in the general journal?
5.     What is account cycle?
6.     What is the purpose of a journal?
7.     What procedure is used to record an entry in the general journal?
8.     What is the value of having a description for each general journal entry?
9.     What is a compound journal entry?
10.  What is a ledger?
11.  What is posting?