Fund of Accounting: Chapter 4 Concepts

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Multiple choice, true false and fill in the blank questions about the concepts covered in chapter 4.

Assets, Liabilities, Owner's Equity, Revenue and Expenses

List the 5 general ledger categories listed in a chart of accounts.

First

The _____ digit in an account number shows the general ledger division in which the account is located.

Second two

The _____ _______ digits indicate the location of an account within a general ledger division.

Write the account title and account number.

List the two steps for opening an account.

Write the date in the date column, write the journal page number in the post ref column, write the credit or debit amount in the corresponding column, write the new account balance, return to the journal and write the account number in the post ref column of the journal

List the five steps of posting from the general columns of a journal to the general ledger.

b. account number

When posting to the ledger, what number do you write in the post ref column of your journal? A. journal page number, b. account number, c, date of reconciliation.

True

True or False: check marks indicate amounts that are not to be posted individually.

False

True or False: the general debit and general credit columns are not posted individually to a ledger.

True

True or False: separate amounts in special amounts columns are not posted individually.

True

True or False: the advantage of a special amount column is that only the column total needs to be posted.

False

Posting saves time and increases accuracy. general debit and general credit columns

Correcting entry

When a transaction is incorrectly journalized and posted to a ledger you will need to use a ______.

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