Accounting 1 Chapter 4 Review T/F
A journal shows in one place all the changes in a single account
False - Ledger
A journal page number is written in the Post Ref column of an account to show that the posting of the entry is completed
False - post reference journal
The Cash account is the first asset account and is numbered 100
False- 110
The column Total of the General Debit column is posted
False- is not posted
Account numbers may be assigned by 10's so that new accounts can be added easily
True
The procedure of arranging accounts in a general ledger, assigning account numbers, and keeping records current is called posting
false - File maintenaance
Separate amounts in special amount columns are posted individually
false - not posted individually
The two steps for opening an account are writing the account title and recording the balance
false- account number
The posting reference should always be recorded in the journals Post Ref column before amounts are recorded in the ledger
false- after
Separate amounts in general amount columns are not posted individually
false- are posted individually
The steps for posting are write the date, journal page number, amount, and balance
false- post account number in journal
The only reason for the post reference columns of the general ledger is to indicate which entries in the journal still need to be posted if posting is interrupted
false= cross reference
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
If a business has only two asset accounts, Cash and Supplies, the two accounts are numbered 110 and 120
true
If the previous account and the current entry posting 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 as the last step in the posting procedure
true
When addling a new expense account between accounts numbered 510 and 520, the new account is assigned 515
true
With the exception of the total lines, the Post Ref column is completely filled in with either an account number or a check
true