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Accounting 02/23

QuestionAnswer
A ledger that contains all accounts needed to prepare financial statements general ledger
The number assigned to an account. account number
a group of accounts ledger
The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current. file maintenance
Writing an account title and number on the heading of an account. opening an account
Transferring information from a journal 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
An additional journal entry made to correct an incorrect journal entry correcting entry
T or F: 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
T or F:The asset division accounts for Delgado Web Services are numbered in the 200s false
T or F:The cash account for Delgado Web Services is the first asset account and is numbered 110 true
T or F:The third division of the chart of accounts for Delgado Web Services is the owner's equity division true
T or F:The first digit of account numbers for accounts in the owner's equity ledger division is 4 false
T or F:The last two digits in a 3-digit account number indicate the general ledger division of the account false
T or F:When adding a new expense account between accounts numbered 510 and 520, the new account is assigned the account number 515 true
T or F:Delgado Web Services arranges expense accounts in chronological order in its general ledger false
T or F:The two steps for opening an account are writing the account title and recording the balance. false
T or F:Each amount in the Debit and Credit columns of a general journal is posted to the account written in the Account Title column. true
T or F:The only reason for the Post. Ref. columns of the journal and general ledger is to indicate which entries in the journal still T or F:need to be posted if posting is interrupted false
T or F:There are five steps in posting an amount from the Debit column of a general journal true
T or F:If a debit is posted to an asset account, the amount of the debit will be subtracted from the previous account balance to determine the new account balance false
T or F:If a credit is posted to a liability account, the amount of the credit will be subtracted from the previous account balance to determine the new account balance false
T or F:After a journal has been posted, the Post. Ref. column is completely filled in with account numbers true
T or F:Errors discovered before entries are posted must be corrected with a correcting entry. false
T or F:If an error requires a correcting entry, a memorandum is prepared as the source document describing the correction to be made true
T or F: If the payment of cash for rent was journalized and posted in error as a debit to Miscellaneous Expense instead of Rent Expense, the correcting entry will include a credit to Cash false
T or F:If an error in posting is made but not discovered until additional postings have been made to the account, the correct posting should be made on the next available line in the correct account true
T or F: If an incorrect amount is posted in an account, a line should be drawn through the incorrect amount, the correct amount should be written in above the correction, and the account balance should be recalculated true
T or F:All corrections for posting errors should be made in a way that leaves no question as to the correct amount. true
T or F: Errors discovered after an entry is posted may be corrected by ruling through the item false
Created by: hal12398
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