22 terms

Accounting Chapter 4

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Terms in this set (...)

A group of accounts
ledger
A ledger that contains all accounts needed to prepare financial statements
general ledger
the number assigned to an account
account number
the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current
file maintenance
writing an account title and number on the heading of an account
opening an account
transferring information from a journal entry to a ledger account
posting
a journal entry made to correct an error in a previous journal entry
correcting entry
True or False:
Because an account form has columns for the debit and credit balance of an account, it is often referred to as the balance-ruled account form
True
True or False:
The asset division accounts for TechKnow Consulting are numbered in the 100s
true
True or False:
The cash account is the first assset account and is numbered 100
false
True or False:
The second division of TeckKnow Consulting's chart of accounts is the owner's equity division
false
True or False:
The first digit of account numbers for accounts in the owner's equity ledger division is 3.
true
True or False:
The last two digits in a 3-digit account number indicate the general ledger division of the account
false
True or False:
when adding a new expense account between accounts numbered 510 and 520, the new account is assigned the account number 515
true
True or False:
TeckKnow Consulting arranges expense accounts in chronological order in its general ledger
false
True or False:
The twosteps for opening an account are writing the account title and recording the balance
false
True or False:
Seperate amounts in special amount columns are posted individually
false
True or False:
Seperate amounts in general amount columns are posted indivudually
false
True or False:
The only reason for the Post. Ref. columns of the journal and general ledger is to indicate which entries in the journal still need tobe posted fi posting is interrupted
false
True or false:
A check mark in parentheses below a general debit column total indicates that the total is not posted
true
True or False:
The totals of special amount columns in a journal are not posted
false
True or False:
With the exception fo the toals lines , the Post. Ref. column is completely filled in with either an account number or a check mark
true