Chapter 11

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A change in the balance of a vendor account also changes the balance of the controlling account, accounts payable

True

A controlling account balance in a general ledger must equal the sum of all account balances in subsidiary ledger

True

A diagonal line in the Post Ref column allows the posting reference of to account numbers

True

A vendor account is opened by writing the vendor name and vendor number on hte heading of the ledger account

True

Accounts Payable is a general ledger account that summarizes the total account owed to all vendors

True

Accounts are arranged in alphabetical order within the subsidiary ledgers

True

Amounts recorded in general amount columns of a cash receipts journal are posted individually to the general ledger account

True

An account in a general ledger that summarizes all accounts in a subsidiary ledger is a controlling account

True

An error in posting may cause income to be understated or overstated on the income statement

True

Each entry in the accounts payable columns of a cash payments journal affects the vendor named in the account title column

True

Each entry in the accounts receivable credit column of the cash receipts journal is posted to the proper customer accounts in the accounts receivable ledger

True

Entries in a journal may affect balances in an accounts payable ledger

True

Posting frequently keeps each vendor account balance up to date

True

The accounts receivable ledger is proved when the balance of Accounts Receivable in the general ledger is the same as the total of the schedule of accounts receivable

True

The amount on each line of a purchases journal is posted as a credit to a vendor account in the accounts payable ledger

True

The form used in the accounts receivable ledger has a debit balance coulmn

True

The monthly total if each special amount column in a cash payments journal is posted to a general ledger account

True

The number of transactions determines ho often to post to a general ledger

True

The total owed to all vendors is summarized in a single general ledger account, Accounts payable

True

Transactions recorded in a general journal can affect both subsidiary ledger and general ledger accounts

True

When using an accounts receivable ledger the total amount due from all customers is summarized in a single general ledger account

True

a general ledger sorts ans summarizes all information affecting income statement and balance sheet accounts

True

Schedule of Accounts Payable

A listing of vendor accounts, account balances, and total amount due from all customers

Accounts Receivable Ledger

A subsidiary ledger containing only accounts for charge customers

Controlling Account

An Account in a general ledger that summarizes all accounts in a subsidiary ledger

A change in the balance of a customer account does not affect the balance of the controlling account, Accounts receivable

False

A schedule of accounts payable is prepared before all entries in a journal are posted

False

At the end of the week, the cash payment journal's Account Payable Credit column total is posts to the controlling account

False

Daily general ledger account balances are necessary for a business

False

Each amount in a sales journal's accounts receivable debit column is posted as a credit to the customer account in the accounts receivable ledger

False

Each amount in the general columns of a cash payments jourbal is posted as a total at the end of the month

False

Errors made in recording amounts in subsidiarity ledgers always affect the general ledger controlling account

False

The account form for a vendor has a debit Balance column because accounts payable is a liability and liabilities have normal debit balances

False

The amount of money a business has to spend on account determines the number of ledgers used in an accounting system

False

The number of entries that may be recorded on each ledger account form is limited to 15

False

The steps for posting a journal entry to correct customer accounts are exactly the same as posting other transactions to subsidiary ledgers

False

When the balance of a vendor account in an accounts payable ledger is changed, the balance of the controlling account is unaffected

False

Subsidiary Ledger

a ledger that is summarized in a single general ledger account

Schedule of accounts receivable

a listing of customer accounts , account balances and total amount due from all customers

Accounts Payable Ledger

a subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account


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