Chapter 4 Accounting
A group of accounts is called a ledger
True
A journal page number is written in the Post. Ref. column of an account to show that posting of the entry is completed.
False
A journal shows in one place all the changes in a single account
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 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 journal's Post. Ref. column before amounts are recorded in the ledger
False
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
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
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
Only the 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
With the exception of the totals line, the Post. Ref. column is completely filled in with either an account number or a check mark
True
The first step in the posting procedure is writing the
a.) entry date in the Date column of the account
If posting is interrupted, the account personnel know to resume posting
a.) on the line with a blank Post. Ref. column in the journal
The procedure for transferring information from a journal entry to a ledger account is
a.) posting
An account number in the journal's Post. Ref. column shows
a.) the account to which an amount is posted
When accounts are arranged in a general ledger, account numbers are assigned, and the chart of accounts is kept up to date, the accounting personnel are
b.) doing file maintenance
If all separate amounts on a journal line are recorded in special amount columns,
c.) neither amount is posted individually
The first digit in the account number 120 means that the account is in the
d.) asset division of the general ledger
Posting references in a journal are
d.) none of these
Separate amounts in the sales credit of a journal are
d.) none of these
The last step in the posting procedure is writing the
d.) none of these
