Accounting Ch. 4 General Ledger Posting

Front

Is it true that an account form with columns for the debit and credit balance is often referred to as the balance-ruled account form?

Back

True

Front

The asset division of accounts for TechKnow Consulting are numbered in the 100's.

Back

True

Front

The Cash account is the first asset account and is numbered 100.  

Back

False

Front

The second division of TechKnow Consulting's chart of accounts is the owner's equity division.

Back

False

Front

The first digit of account numbers for accounts in the owner's equity ledger division is 3.

Back

True

Front

The last two digits in a 3-digit account number indicate the general ledger division of the account.

Back

False

Front

When adding a new expense account between accounts numbered 510-520, the new account is assigned the account number 515.

Back

True

Front

Does TechKnow Consulting arrange expense accounts in chronological order in its general ledger?

Back

False

Front

The two steps for opening an account are writing the account title and recording the balance.

Back

False

Front

Posting sorts journal entries so that all debits and credits affecting each account are brought together in one place. True or False?

Back

True