
Accounting I Ch 4
Authored by Natalee Hayes
Business
9th - 12th Grade
Used 2+ times

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25 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The cash account is the first asset account and is numbered 100
True
False
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When adding a new expense account between accounts numbered 510 and 520, the new account is assigned the account 515
True
False
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When adding a new expense account between accounts numbered 510 and 520, the new account is assigned the account 515
True
False
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Account numbers may be assigned by 10s so that new accounts can be added easily
True
False
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The posting reference should always be recorded in the journal's Post. Ref. Column before amounts are recorded in the ledger
True
False
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The only reason for the Post. Ref. columns of the journal and general ledger is to indicate which entries in the journal still need to be posted if posting is interrupted.
True
False
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The procedure of arranging accounts in a general ledger, assigning account numbers, and keeping records current is posting.
True
False
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