Acctg I Chapter 4

The first digit in the account number 520 means that the account is in the:

• expense division of the general ledger

• revenue division of the general ledger

• liability division of the general ledger

• asset division of the general ledger

The first digit in the account number 410 means that the account is in the:

• expense division of the general ledger

• revenue division of the general ledger

• liability division of the general ledger

• asset division of the general ledger

The first digit in the account number 220 means that the account is in the:

• expense division of the general ledger

• revenue division of the general ledger

• liability division of the general ledger

• asset division of the general ledger

The last step in the posting procedure is to write the:

• entry date in the Date column of the account.

• journal page number in the Post. Ref. column of the account.

• account number in the Post. Ref. column of the journal.

• entry amount in the Debit or Credit column of the account.

If posting is interrupted, the accounting personnel know to resume posting:

• on the line with a blank Post. ref. column in the journal

• at the beginning of the journal page

• the next day

• all of these

Determining that the amount of cash agrees with the accounting records is:

• posting

• proving cash

• journalizing

• none of these

All corrections for posting errors should be made in a way that leaves no question as to the correct amount.

• True

• False

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

• True

• False

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

• True

• False

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

• True

• False