chapter 4 accounting
false
T or F: errors discovered after an entry is posted may be corrected by ruling through the item
true
T or F: the account number is placed in the Post. Ref. column of the journal as the last step in the posting procedure
false
T or F: the posting reference should always be recorded in the journal's Post. Ref. column before amounts are recorded in the ledger
false
T or F: the two steps for opening an account are writing the account title and recording the balance
expense division of the general ledger
The first digit in the account number 520 means that the account is in the: -expense division of the general ledger -revenue division of the general ledger -liability division of the general ledger -asset division of the general ledger
the account to which an amount is posted
An account number in the journal's Post. Ref. column shows -the date of the entry -that work on that journal page is completed -the account to which an amount is posted -none of these
is a memorandum
If an error requires a correcting entry, the source document describing the correction to be made: -depends on the type of error made -is a check stub -depends on the type of correcting entry -is a memorandum
cash, accounts receivable, supplies, prepaid insurance
Order of assets numbers?
true
T or F: A group of accounts is called a ledger
false
T or F: A journal shows, in one place, all the changes in a single account
true
T or F: Account numbers may be assigned by 10s so that new accounts can be added easily
false
T or F: If the payment of cash for rent was journalized and posted in error as a debit to Miscellaneous Expense instead of Rent expense, the correcting entry will include a credit to Cash
true
T or F: If the previous account balance and the current entry posted to an account are both credits, the new account balance is a credit
true
T or F: If the previous account balance and the current entry posted to an account are both debits, the new account balance is a debit
true
T or F: Only the column totals for special amount columns in a journal are posted
false
T or F: Separate amounts in general amount columns are not posted individually
true
T or F: The Cash account is the first asset account and is numbered 110
false
T or F: The only use for the Post. Ref. column of a journal and general ledger is to indicate which entries in the journal still need to be posted if posting is interrupted
true
T or F: The procedure of arranging accounts in a general ledger, assigning account numbers, and keeping records current is known as file maintenance
false
T or F: The steps for posting are to write the date, the journal page number, the amount, and the balance
true
T or F: The totals of general amount columns in a journal are not posted
true
T or F: When adding a new expense account between accounts numbered 510 and 520, the new account is assigned the account number 515
true
T or F: a check mark in the Post. Ref. column of the journal indicates that the amounts on that line are not posted individually
true
T or F: all corrections for posting errors should be made in a way that leaves no question as to the correct amount
journal page number in the post ref column of the account
The second step in the posting procedure is to write the: -entry date in the date column of the account -journal page number in the Post. Ref. column of the account -account number in the Post. Ref. column of the journal -entry amount in the Debit or Credit column of the account
neither amount is posted individually
if both amounts on a journal line are recorded in special amount columns: -only one of the amounts is posted individually -neither amount is posted individually -both amounts are posted individually -all of these
on the line with a blank post ref column in the journal
if posting is interrupted, the accounting personnel know to resume posting: -on the line with a blank Post. Ref. column in the journal -at the beginning of the journal page -the next day -all of these
none of these
posting references in a journal are: -the first item recorded when posted -always placed in an account's Post. Ref. column -not necessary -none of these
account number in the Post Ref column of the journal
the last step in the posting procedure is to write the: -entry date in the date column of the account -journal page number in the Post. Ref. column of the account -account number in the Post. Ref. column of the journal -entry amount in the Debit or Credit column of the account
posting
the procedure for transferring information from a journal entry to a ledger account is: -posting -journalizing -file maintenance -none of these
