Accounting ch4 T/F

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true

a check mark in parentheses below a general debit column total indicates that the total is not posted

true

a chart of accounts is a list of account titles and numbers showing the location of each account in a ledger

false

a journal page number is written in the post ref. column of an account o show that posting of the entry is completed

false

a journal shows in one place all the changes in a single account

true

a ledger is a group of accounts

true

a ledger that contains all accounts needed to prepare financial statements is a general ledger

false

at the end of the year accounting departments perform file maintenance by opening new files for the next years journals and ledgers

true

because an account has columns for the debit and credit balance of an account it is often referred to as the balance ruled account form

true

if a new account is located between accounts numbered 210 and 220 the new account number should be 215

false

on a chart of accounts all the asset and expense accounts are in the division

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

separate amounts in a sales credit column are not posted individually

false

separate amounts in general amount columns are not posted individulally

true

the account number is placed in the post ref column of the journal as the last step in the posting procedure

false

the first asset account is numbered 100

true

the only column totals for special amount columns in a journal is posted

false

the only reason for the post ref column 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 second division in the chart of accounts is the owners equity division

false

the steps for posting are to write the date journal page number amount and balance

true

the total of the cash credit column is posted

false

the total of the cash debit column is not posted

true

the total of the general credit column is not posted

true

the total of the sales credit column is posted

false

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


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