Accounting Chapter 4
A journal page numbers 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
The cash account is the first asset account and is numbered 100
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 journal's Post. Ref. Column before amounts are recorded in the ledger
False
The procedure of arranging accounts in a general ledger, assigning account numbers, and keeping records current is posting
False
The steps for posting are to write the date, journal page number, amount, and balance
False
Posting
The procedure for transferring information from a journal entry to a ledger account
A group of accounts is called a ledger
True
Account numbers may be assigned by 10s so that new account can be added easily
True
If a business has only two asset accounts, Cash and Supplies, the two accounts are numbers 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 debt
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
When all posting is completed, the journal's Post. Ref. column is completely filled
True
The first digit in the account number 120 means that the account is in the
asset division of the general ledger
When the previous balance of an account is zero and a credit amount is posted to the account, the new balance is a
credit
When accounts are arranged in a general ledger, account numbers are assigned, and the chart of account is kept up to date, the accounting personnel are
doing file maintenance
The first step in the posting procedure is writing the
entry date in the Date column of the account
The two steps for opening an account are writing the account title and recording the balance
false
The last step in the posting procedure is writing the
figuring the balance
If posting is interrupted, the accounting personnel know to resume posting how?
on the line with a blank Post. Ref. column in the journal
Determining that the amount of cash agrees with the accounting records is
proving cash
An account number in the journal's Post. Ref. column shows
the account to which an amount is posted