The Posting Process True or False

A trial balance is prepared before posting

False

All businesses do their posting daily

False

Every journal entry requires a posting to at least three ledger accounts

False

Every posting requires the year, month, and day to be entered in the date column of the ledger account for every transaction

False

If a transaction is journalized on the 6th, but not posted until the 8th, the date of the posting should be the 8th

False

If an account has a zero balance, it is not necessary to list it on the trial balance

False

If you discover an error before posting, a correcting entry is required

False

To avoid forgetting a step in the process, always post from right to left

False

You can easily see the increases and decreases taking place in the accounts of a business by looking at the general journal entries

False

A dash across the debit balance column shows that an asset account has zero balance

True

A ledger is sometimes called a book of "final" entry

True

An account may be opened by writing the account title and account number on the account form

True

An example of a transposition error is writing the number 45 when it should have been 54

True

Errors discovered after posting has occurred should be corrected by drawing a line through the incorrect item and writing the correction directly above

True

Every journal entry requires a posting to at least two accounts

True

Ideally, all businesses should post on a daily basis; however, businesses having a few transactions may post only once a week

True

If the trial balance is not in agreement, an error has been made in either journalizing or posting

True

Posting is the process of transferring information from the journal to the ledger accounts

True

Posting to the ledger is the fourth step in the accounting cycle

True

The accounts of a business are kept in a special book called a ledger

True

The first step in posting is to write the date of the journal entry in the date column of the account debited

True

The purpose of a trial balance is to prove the equality of the ledger

True