CH 4 Key Notes
Which of the following is not a benefit of posting transactions?
Ensures that the journal entries have been properly recorded in the general journal
Which of the following account types is listed last within the general ledger?
Expenses
Which of the following appears on the final row of a journal entry?
The journal entry description
Which of the following is an accurate statement regarding the debit and/or the credit in a journal entry?
The credit is indented about one-half inch from the left margin.
Which of the following is an accurate statement regarding compound entries?
The credited account(s) are listed after the debited account(s).
Which of the following is not an accurate statement regarding the transaction recording process?
The description should be as concise as possible and therefore excludes document numbers
Which of the following is not an accurate statement regarding compound entries?
The first credited account is indented by about one-half inch from the left margin, with all subsequent credited accounts are indented an additional one-half inch from the previous credit.
Which of the following is not a compound entry?
A journal entry containing one debited account and one credited account.
Which of the following is the final step in the posting process?
On the general journal enter the ledger account number in the Posting Reference column.