Chapter 7 - Posting review

Front

The purpose of posting is to show changes in business accounts due to financial transactions.

Back

Front

The ledger account form used by Roadrunner Delivery Service is a three-column account form.

Back

False

The ledger account form is a FOUR-column account form.

Front

Opening an account in a ledger involves writing the account title and number on the account form.

Back

Front

Opening an account in a computerized system is different from a manual system.

Back

False

Opening an account is the same for a computerized system and a manual system.

Front

Posting frequency depends on business size, transaction number, and whether posting is manual or electronic.

Back

Front

The easiest way to post is from left to right in a ledger account.

Back

Front

Every posting requires the year, month, and day in the Date column.

Back

False

Once the year and month have been written in the Date column, you only need to identify the day.

Front

Every amount posted will increase or decrease a ledger account balance.

Back

Front

The notation “G3” in the Posting Reference column indicates data was posted from general journal page 3.

Back

Front

Every journal entry requires posting to at least two ledger accounts.

Back