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Accounting I - Chapter 4 Exam

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1.
1 point
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.
2.
1 point
The steps for posting are to write the date, journal page number, amount, and balance.
3.
1 point
Account numbers may be assigned by 10s so that new accounts can be added easily.
4.
1 point
The cash account is the first asset account and is numbered 100.
5.
1 point
If a business has only one Sale account, the number is 510.
6.
1 point
The account number is placed in the Post. Ref. column of the journal as the last step in the posting procedure.
7.
1 point
John Smith, Capital is the first owner's equity account and is numbered 300.
8.
1 point
A group of accounts is called a ledger.
9.
1 point
If the previous account balance and the current entry posted to an account are both debits, the new account balance is a debit.
10.
1 point
A journal page number is written in the Post. Ref. column of an account to show that posting of the entry is completed.
11.
1 point
When adding a new expense account between accounts numbered 510 and 520, the new account is assignmed the number 515.
12.
1 point
If a business has only two asset accounts, Cash and Supplies, the two accounts are numbered 110 and 120.
13.
1 point
The procedure of arranging accounts in a general ledger, assigning account numbers, and keeping records current is posting.
14.
1 point
The posting reference should always be recorded in the journal's Post. Ref. column before amounts are recorded in the ledger.
15.
1 point
When adding a new expense account between accounts numbered 530 and 540, the new account is assigned the account number 545.
16.
1 point
A journal shows in one place all the changes in a single account.
17.
1 point
When all posting is completed, the journal's Post. Ref. column is completely filled.
18.
1 point
If a business has Supplies Expense, Advertising Expense, and Utilities Expense, the Utilities Expense is numbered 530.
19.
1 point
If a business has only two liability accounts, Accounts Payable - Lancaster Tigers and Lancaster Cubs, the two accounts are numbered 200 and 210.
20.
1 point
The two steps for opening an account are writing the account title and recording the balance.
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