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
