Accounting Ch. 4--Posting

110

Account number for Cash

210

Account number for a Payable account

A journal entry made to correct an error in the ledger is called an adjusting entry.

False

On a chart of accounts, all asset and expense accounts are in the same division (T/F).

False

The posting reference is always recorded in the journal as the first step in the posting procedure.

False

The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current is called posting.

False--file maintenance

Account title and account number

First two steps when opening an account

First number in an account number signifies....

General ledger division

By 10s

How account numbers are assigned

"v" under a General Amount column means...

Total is not posted

A chart of accounts is a list of account titles and numbers showing the location of each account in a ledger (T/F).

True

A ledger that contains all accounts needed to prepare financial statements is called a general ledger. (T/F).

True

Account numbers may be assigned by 10s so that new accounts can be added easily (T/F).

True

Each amount in the Debit and Credit columns of a General Journal is posted to the account written in the Account Title column.

True

If a business has only two asset accounts, Cash and Supplies, the two accounts are numbered 110 and 120 (T/F).

True

If a new account is located between accounts numbered 210 and 220, the new account number should be 215 (T/F).

True

Transferring information from a journal entry to a ledger account is called posting.

True

Only totals

What is posted for a special amount column

All entries

What is posted for general amount columns

The number assigned to an account

account number

A group of accounts

ledger

2nd/3rd numbers in an account number signify...

the location within a general ledger division