Accounting 1: Chapter 4 Review

Accounting 1: Chapter 4 Review

9th - 12th Grade

39 Qs

quiz-placeholder

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Accounting 1: Chapter 4 Review

Accounting 1: Chapter 4 Review

Assessment

Quiz

Other

9th - 12th Grade

Medium

Created by

Krystina Hunt

Used 1+ times

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39 questions

Show all answers

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.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

True

False

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.

True

False

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.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

True

False

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.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Cash account is the first asset account and is numbered 110.

True

False

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