Accounting Chapter 7 Review

The purpose of posting is to show the changes that take place in the business's accounts as a result of financial transactions.

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The ledger account form used by Roadrunner Delivery Service is a three-column account form.

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Opening an account in a ledger involves writing the account title and the account number on the account form.

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Opening an account in a computerized accounting system is entirely different from opening an account in a manual system.

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How often posting occurs depends on the size of the business, the number of transactions, and whether posting is done manually or electronically.

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The easiest way to post is from left to right in a ledger account because there is less chance of omitting data.

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Every posting requires the year, month, and day to be entered in the Date column of the ledger account for every transaction.

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Every amount posted will either increase or decrease the balance of a ledger account.

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The notation "G3" in the Posting Reference column of a ledger account indicates the data was posted from general journal page 3.

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Every journal entry requires a posting to at least two ledger accounts.

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