Accounting Chapter 4

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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


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