Accounting chapter 4 true 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

falae

Delgado Web Services arranges expense accounts in chronological order in its general ledger.

false

Errors discovered before entries are posted must be corrected with a correcting entry.

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 will include a credit to Cash.

false

Separate amounts in general amount columns are not posted individually

false

The asset division accounts for Delgado Web Services are numbered in the 200s.

false

The first digit of account numbers for accounts in the owner's equity ledger division is 4

false

The last two digits in a 3-digit account number indicate the general ledger division of the account.

false

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

false

A check mark in parentheses below a General Debit column total indicates that the total is not posted

true

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

true

Because an account form has columns for the debit and credit balance of an account, it is often referred to as the balance-ruled account form.

true

If an error in posting is made but not discovered until additional postings have been made to the account, the correct posting should be made on the next available line in the correct account.

true

If an error requires a correcting entry, a memorandum is prepared as the source document describing the correction to be made.

true

Separate amounts in special amount columns are not posted individually.

true

The third division of Delgado Web Services chart of accounts is the owner's equity division

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

true

With the exception of the totals lines, the Post. Ref. column is completely filled in with either an account number or a check mark.

true

he cash account for Delgado Web Services is the first asset account and is numbered 110

true