Accounting Test 4B-True/False

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

true

A check mark in the Post. Ref. column of the journal indicates that the amounts on that line are not posted individually.

true

A group of accounts is called a ledger.

false

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

true

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

true

All corrections for posting errors should be made in a way that leaves no question as to the correct amount.

false

If the payment of cash for rent was journalized and posted in error as a debit to Miscellaneous Expense instead of Rent Expense, the correcting entry would include a credit to Cash.

true

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

false

Separate amounts in general amount columns are not posted individually.

true

The Cash account is the first asset account and is numbered 110.

true

The account number is placed in the Post. Ref. column of the journal as the last step in the posting procedure.

false

The only use for the Post. Ref. column of a 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.

true

The procedure of arranging accounts in a general ledger, assigning account numbers, and keeping records current is known as file maintenance.

false

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

true

The totals of general amount columns in a journal are not posted.

true

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

false

Errors discovered after an entry is posted may be corrected by ruling through the item.

true

If the previous account balance and the current entry posted to an account are both credits, the new account balance is a credit.

true

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

false

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


Kaugnay na mga set ng pag-aaral

Nursing 101 - Ch. 4 - Health of the Individual, Family, and Community

View Set

Basic Human Nutrition Exam 6 Study Guide

View Set

Chapter 6 Ordering and Verification

View Set

ATI- Fluid, Electrolyte and acid-base regulation, ATI Fluid, Electrolyte, and Acid-Base Regulation

View Set

Wrist and Hand Practice Questions

View Set

PSYC 2315: CH. 13- Moral Development, Values, and Religion

View Set

AHIP 2024: all segment exams and FINAL EXAM

View Set