Chapter 4
A check mark in parentheses placed below the General Debit column total indicates that posting of the column total is completed.
false
On a chart of accounts, all asset and expense accounts are in the same division.
false
The column total of the General Debit column is posted
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 procedure of arranging accounts in a general ledger, assigning account numbers, and keeping records current is posting.
false
The second division in the chart of accounts is the owner's equity division.
false
The steps for posting are to write the date, journal page number, amount, and balance.
false
Separate amounts in the General Debit and General Credit amount columns of a journal are ____.
posted individually
The procedure for transferring information from a journal entry to a ledger account is ____.
posting
A journal shows in one place all the changes in a single account.
False
At the end of a year, accounting departments perform file maintenance by opening new files for the next year's journals and ledgers.
False
The two steps for opening an account are writing the account title and recording the balance.
False
A chart of accounts is a list of account titles and numbers showing the location of each account in a ledger.
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 all separate amounts on a journal line are recorded in special amount columns, ____.
neither amount is posted individually
Posting references in a journal are ____.
none of the above
Separate amounts in the Sales Credit column of a journal are ____.
none of the above
The last step in the posting procedure is writing ____
none of the above
Separate amounts in the Cash Debit column of a journal are ____.
not posted
An account number in the journal's Post. Ref. column shows ____.
the account to which an amount is posted
The first step in the posting procedure is writing ____.
the entry date in the Date column of the account
Check marks are placed in parentheses below the General Debit and Credit column totals to show that ____.
the totals are not posted
A ledger that contains all accounts needed to prepare financial statements is a general ledger.
true
If a business has only two asset accounts, Cash and Supplies, the two accounts are numbered 110 and 120
true
If a new account is located between accounts numbered 210 and 220, the new account number should be 215
true
If the previous account balance and the current entry posted to an account 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 of the journal as the last step in the posting procedure.
true
The total of the Sales Credit column is posted
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
A new account to be added between accounts 530 and 540 will be assigned the number ____.
535
A business has the following expense accounts: 510, Advertising Expense; 520, Miscellaneous Expense; 530, Repair Expense. A new account titled Utilities Expense is added. The account number for this new account is ____.
540
Separate amounts in general amount columns are not posted individually.
False
Separate amounts in special amount columns are posted individually.
False
If posting is interrupted, the accounting personnel know to resume posting ____.
On the line with a blank post ref column. in a journal
A check mark in parentheses below a General Debit column total indicates that the total is not posted.
True
A ledger is a group of accounts.
True
Account numbers may be assigned by 10s so that new accounts can be added easily.
True
Opening an account refers to the procedure of writing an account title and number on the heading of an account.
True
Posting is transferring information from a journal entry to a ledger account.
True
The total of the Cash Credit column is posted.
True
The total of the General Credit column is 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
The first digit in the account number 120 means that the account is in the ____ division of the general ledger.
asset
When accounts are arranged in a general ledger, account numbers are assigned, and the chart of accounts is kept up to date, the accounting personnel are ____.
doing file maintence
A journal page number is written in the Post. Ref. column of an account to show that posting of the entry is completed
false
The total of the Cash Debit column is not posted.
false
The first asset account is numbered 100.
False
The posting reference should always be recorded in the journal's Post. Ref. column before amounts are recorded in the ledger.
False
Separate amounts in a Sales Credit column are not posted individually.
True
