ACCOUNTING CHAPTER 4 REVIEW

A journal shows in one place all the changes in a single account.

• True
• False

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

• True
• False

The procedure for arranging accounts in a general ledger, assigning account numbers and keeping records current is posting.

• True
• False

A group of accounts is called a ledger.

• True
• False

If a business has only two asset accounts, Cash and Supplies, the two accounts are numbered 110 and 120.

• True
• False

What is the term or putting the individual line items from the journal into the general ledger?

• journalizing

• posting

• adding

• ruling

All liabilities are labeled with this category #:

• 100

• 200

• 300

• 400

• 500

All expenses are labeled with this category #:

• 100

• 200

• 300

• 400

• 500

All assets are labeled with this category #:

• 100

• 200

• 300

• 400

• 500

All owner's equity accounts are labeled with this category #:

• 100

• 200

• 300

• 400

• 500