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A group of accounts.
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A ledger that contains all accounts needed to prepare financial statements.
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Accounting- Eval. #4

QuestionAnswer
A group of accounts. Ledger.
A ledger that contains all accounts needed to prepare financial statements. General Ledger.
The number assgained to an acount. Account Number.
The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current. File Maintenance.
Writing an account tittle and number on the heading of an account. Opening an Account.
Transfering information from a jornal entry to a ledger account. Posting.
Determining that the amount of cash agrees with the balance of the cash account in the accounting records. Proving Cash.
A jornal entry made to correct an rror in a previous journal entry. Correcting Entry.
Becasue an account form has columns for the debit and credit balance of an account, it is often reffered to as the balance-ruled account form. True.
The assest divison accounts for TechKnow Consulting are numbered in the 100s. True.
The Cash account is the first asset account and is numbered 100. False.
The second divison of TechKnow Consulting's chart of accounts is owner's equity divison. False.
The first digit of account numbers for accounts in the owner's equity ledger divison is 3. True.
The last two digits in a 3-digit account number indicate the general ledger divison of the account. False.
When adding new expense accounts between accounts numbered 510 and 520 , the new account is assigned the account number 515. True.
TechKnow Consulting arranges expense accounts in chronological order in its general ledger. False.
The two steps for opening an account are writing the account titte and recording the balance. False.
Posting sorts journal entries so that all debits and credits affecting each account are brought together in one place. True.
Each amount in the Debit and Credit columns of a general journal is posted to the account written in the Account Title column. True.
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.
A blank in the Post. Ref. column of the journal indicated that posting for that line still needs to be completed. True.
Recording the posting refference is always the last step in the posting procedure. True.
The first step to post an amount in from the Credit column is to write the date in the Date column of the account. True.
Whenever the credits in an account exceed the debits, the balance is credit. True.
Cash can be proved at any time. True.
If the cash balance in the checkbook equals the cash balance in the Cash account, cash is proved. True.
Journal errors discovered before entries are posted are corrected by first preparing a memorandum describing the correction to be made. False.
When making a correcting entry, the same four steps are followed as when making any journal entry. True.
When prepraring a chart of accounts what is the title for the left side of the chart of accounts. Balance Sheet Accounts.
When prepraring a chart of accounts what is the title for the right side of the chart of accounts. Income Statement Accounts
In the asset divison in the chart of accounts which account comes first in the order Supplies or Prepaid Insurance Supplies.
Created by: 23Witaszek
 

 



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