Accounting Ch. 4 - True and False

A journal shows in one place all the changes in a single account

false

with the exception of totals lines, the post ref. column is completely filled with either an account number or a check mark

true

the steps for posting are to write the date, journal page number, amount, and balance.

false

the two steps for opening an account are writing the account title and recording the balance

false

a journal page number is written in the post ref. column of an account to show that posting of the entry is completed

false

separate amounts in general amount columns are not posted individually

false

separate amounts in special amount columns are posted individually

false

the cash account is the first asset account and is numbered 100

false

the column total of the general debit column is posted

false

the only reason for the post ref. columns of the journal and general ledger is to indicate which entries in the journal still need to be posted if posting is interrupted.

false

the posting reference should always be recorded in the journals post. ref. column before amounts are recorded in a ledger.

false

the procedure of arranging accounts in a general ledger, assigning account numbers, and keeping records current is posting.

false

a check mark in parentheses below a general debit column total indicates that the total is not posted

true

a group of accounts is called a ledger

true

account numbers may be assigned by 10s so that new accounts can be added easily

true

If a business has only two asset accounts, cash and supplies, the two accounts are numbered 110 and 120

true

If the previous account balance and the current entry posted to an account are both debits, the new account balance is a debit

true

the only column totals for special amount columns in a journal are posted

true

the account number is placed in the post. ref. column of the journal as the last step in the posting procedure

true

when adding a new expense account between accounts numbered 510 and 520, the new account is assigned the account number 515

true