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Accounting Review

Accounting Review. Chapter 4. The first digit in the account number 120 means that the account is in the. E. None of the above. A. Expense division of the general ledger. C. Liability division of the general ledger. B. Asset division of the general ledger.

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Accounting Review

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  1. Accounting Review Chapter 4

  2. The first digit in the account number 120 means that the account is in the E. None of the above A. Expense division of the general ledger C. Liability division of the general ledger B. Asset division of the general ledger D. Revenue division of the general ledger

  3. A journal shows in one place all the change in a single account. TRUE FALSE

  4. Separate amounts in special amount columns are posted individually TRUE FALSE

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

  6. The first step in the posting procedure is writing the E. All of the above A. Entry date in the Date column of the account C. Entry amount in the Debit or Credit column of the account B. Journal page number in the Post Ref. column of the account D. None of the above

  7. The procedure for transferring information from a journal entry to a ledger account is E. All of the above A. posting C. journalizing B. Doing file maintenance D. posting

  8. Only the column totals for special amount columns in a journal are posted TRUE FALSE

  9. When accounts are arranged in a general ledger, account numbers are assigned, and the chart of accounts is kept up to date, the accounting personnel are E. All of the above A. posting C. journalizing B. Doing file maintenance D. posting

  10. The posting reference should always be recorded in the journal’s Post. Ref. column before amounts are recorded in the ledger. TRUE FALSE

  11. The cash account is the first asset account and is numbered 100 TRUE FALSE

  12. The last step in the posting procedure is writing the E. All of the above A. Entry date in the Date column of the account C. Entry amount in the Debit or Credit column of the account B. Journal page number in the Post Ref. column of the account D. None of the above

  13. A group of account is called a ledger. TRUE FALSE

  14. Posting references in a journal are A. Not necessary C. Always place in an account’s Post. Ref. Column B. The first item recorded when posting D. None of the these WHY IS THE ANSWER “D”? YOU DO NOT ALWAYS PUT A NUMBER IN THE Post. Ref. box. Special amount columns get a 

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

  16. If the previous account balance and the current entry posted to an account are both debits, the new account balance is a debit. TRUE FALSE

  17. Separate amounts in the Sales Credit column of a journal are A. Rounded to the nearest dollar C. Posted frequently B. Posted individually D. None of these

  18. TIE BREAKER QUESTIONS THESE ARE FROM ANY OF THE 3 PREVIOUS CHAPTERS

  19. When cash is received on account, the amount is recorded in the E. None of the above A. General Debit, Cash Credit C. Sales Credit, Cash Debit B.A/R Debit, Cash Credit D. Cash Debit, General Credit

  20. How many amount columns are there? What are the names? 5 General Debit, General Credit, Sales Credit, Cash Debit, Cash Credit

  21. Information for each transaction recorded in a journal Entry

  22. Organized summaries of a business’s financial activities All of the above Sale on Account Account Balance Accounting System Accounting Records

  23. The use of ethics in making business decisions is called E. All of the above D. Withdrawals C. Transaction B. Accounting A. Business ethics

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