Accounting Chapter 4 Quiz

What is the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current called?

• Journalizing

• Ledger updating

• Account balancing

• File maintenance

What is the second step in the posting procedure?

• Writing the date

• Writing the account number

• Writing the account title

• Writing the journal entry

What does an account number in the journal's Post Ref. column indicate?

• The entry is posted

• The account is closed

• The entry is pending

• The account is active

What is the first digit in the account number 520 indicative of?

• The account is an asset

• The account is revenue

• The account is a liability

• The account is an expense

What is the procedure for transferring information from a journal entry to a ledger account called?

• Journalizing

• Posting

• Balancing

• Reconciliation

What should be done if posting is interrupted?

• Restart the entire process

• Resume from where it was left

• Cancel the posting

• Recheck all entries

What is the last step in the posting procedure?

• Writing the date

• Writing the journal entry

• Writing the account number

• Writing the account title

What is the only use for the Post Ref. column of a journal and general ledger?

• To indicate which entries still need to be posted

• To indicate pending entries

• To indicate errors in entries

• To indicate completed entries

What is the number assigned to an account called?

• Account number

• Account ID

• Ledger number

• Chart number

What is a ledger that contains all accounts needed to prepare financial statements called?

• Statement ledger

• Financial ledger

• General ledger

• Special ledger