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Acounting 12

Question	Answer
accounts payable ledger	a subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account
accounts receivable ledger	a subsidiary ledger that summarizes all accounts in a subsidiary ledger
controlling account	an account in a general ledger that summarizes all accounts in a subsidiary ledger
schedule of accounts payable	a listing of vendor accounts, account balances, and total amounts due all vendors
schedule of accounts receivable	a listing of customer accounts, account balances, and total amount due from all customers
subsidiary ledger	a ledger that is summarized in a single general ledger account
T/F- when using an accounts receivable ledger, the total amount due from all customers is summarized in a single general ledger account	true
T/F- it is usually necessary to have up to date balances in the general ledger at all times	false
T/F- frequency of posting to the general ledger is determined by how many accounts are in the chart of accounts	false
T/F- posting does not have to be done at the end of the month	false
T/F- amounts recorded in general amount columns are posted individually to the general ledger account named in the Account Title column	true
T/F- Only totals of special amount columns are posted to the general ledger	true
T/F- accounts are arranged in alphabetical order within the subsidiary ledgers	true
T/F- a change in the balance of a vendor account also changes the balance of the controlling account Accounts Payable	true
T/F- the account form for a vendor has a credit balance column because accounts payable are liabilities and liabilities have normal credit balances	true
T/F-at the end of the month, the journal's accounts payable debit column total is posted to the controlling account Accounts Payable	true
T/F- a change in the balance of a customer account also changes the balance of the controlling account Accounts Receivable	true
T/F- Each amount in a journal's accounts receivable columns is posted individually to an account in the accounts receivable ledger	true
T/F- each cash receipt on account from a customer is posted as a credit to an account in the accounts receivable ledger	true
T/F- an error in posting to a ledger account usually will not affect the trial balance	false
T/F- a schedule of accounts payable is prepared before all entries in a journal are posted	false

Created by: wildcattz98

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