Chapter 4 - Posting to a General Ledger

Front

The two steps for opening an account are writing the account title and recording the balance.

Back

false

Front

The steps for posting are to write the date, the journal page number, the amount, and the balance.

Back

false

Front

Is the account number placed in the Post. Ref. column of the journal as the last step in the posting procedure?

Back

true

Front

The posting reference should always be recorded in the journal’s Post. Ref. column before amounts are recorded in the ledger. True or False?

Back

False

Front

A group of accounts is called a ledger.

Back

true

Front

The procedure of arranging accounts in a general ledger, assigning account numbers, and keeping records current is known as file maintenance.

Back

true

Front

Account numbers may be assigned by 10s so that new accounts can be added easily.

Back

true

Front

Errors discovered after an entry is posted may be corrected by ruling through the item.

Back

false

Front

Is the Cash account the first asset account and is it numbered 110?

Back

true

Front

When posting is complete, the Post. Ref. column of the journal is completely filled in with account numbers.

Back

true