Accounting Chapter 4
a check mark in parentheses placed below the general debit column total indicates that posting of the column total is completed
false
a journal page number is written in the Post. Ref. column of an account to show that posting of the entry is completed
false
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
on a chart of accounts, all asset and expense accounts are in the same division
false
separate amounts in general amount columns are not posted individually
false
separate amounts in special amount columns are posted individually
false
the column total of the General Debit is posted
false
the first asset account is numbered 100
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 posting reference should always be recorded in the journal's Post.Ref. column before amounts are recorded in the ledger
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 owners equity division
false
the steps for posting are to write the date, journal page number, amount, and balance
false
the total of the cash debit column is not posted
false
the 2 steps for opening an account are writing the account title and recording the balance
flase
Opening an account refers to the procedure of writing an account title and number on the heading of an account
true
a chart of accounts is a list of account titles and numbers showing the location of each account in a ledger
true
a check mark in parentheses below a general debit column total indicates the the total isn't posted
true
a ledger is a group of accounts
true
a ledger that contains all accounts needed to prepare financial statements is a general ledger
true
account numbers may be assigned by 10s so that new accounts can be added easily
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 a buisness has only 2 asset accounts, cash+supplies, the two accounts are numbered 110 and 120
true
if a new account is located btwn 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
posting is transferring information from a journal entry to a ledger account
true
separate amounts in a sales credit column are not posted individually
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 cash credit column is posted
true
the total of the general credit column is not posted
true
the total of the sales credit column is posted
true
when adding a new expense account btwn 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