Accounting Chapter 4
Authored by Tina Gummo
Specialty, Professional Development
9th - 12th Grade
Used 600+ times
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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All corrections for posting errors should be made in a way that leaves no question as to the correct amount
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A journal shows in one place all the changes in a single account.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The account number is placed in the Post. Ref. column of the journal as the last step in the posting procedure.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The posting reference should always be recorded in the journal’s Post. Ref. column before amounts are recorded in the ledger.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The two steps for opening an account are writing the account title and recording the balance.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The procedure of arranging accounts in a general ledger, assigning account numbers, and keeping records current is known as file maintenance.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Cash account is the first asset account and is numbered 110.
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