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True/False
Indicate whether the statement is true or false.
____
1. Account numbers may be assigned by 10s so that new accounts can be added easily.
____
2. The procedure of arranging accounts in a general ledger, assigning account numbers, and keeping records
current is posting.
____
3. If a new account is located between accounts numbered 210 and 220, the new account number should be 215.
____
4. The account number is placed in the Post. Ref. column of the journal as the last step in the posting procedure.
____
5. If the previous account balance and the current entry posted to an account are both debits, the new account
balance is a debit.
____
____
____
8. A check mark in parentheses placed below the General Debit column total indicates that posting of the
column total is completed.
____
1. The first digit in the account number 120 means that the account is in the ____ division of the general ledger.
A. expense
C. liability
____
2.
____
3.
____
4.
____
5.
____
6.
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7.
____
8.
____
9.
____ 10.
B. revenue
D. asset
When accounts are arranged in a general ledger, account numbers are assigned, and the chart of accounts is
kept up to date, the accounting personnel are ____.
A. posting
C. journalizing
B. doing file maintenance
D. none of the above
A new account to be added between accounts 530 and 540 will be assigned the number ____.
A. 531
C. 537
B. 535
D. 539
A business has the following expense accounts: 510, Advertising Expense; 520, Miscellaneous Expense; 530,
Repair Expense. A new account titled Utilities Expense is added. The account number for this new account is
____.
A. 515
C. 540
B. 525
D. 550
The procedure for transferring information from a journal entry to a ledger account is ____.
A. posting
C. file maintenance
B. journalizing
D. none of the above
An account number in the journal's Post. Ref. column shows ____.
A. the account to which an amount is posted
B. the date of the entry
C. that work on that journal page is completed
D. none of the above
If posting is interrupted, the accounting personnel know to resume posting ____.
A. on the line with a blank Post. Ref. column in the journal
B. at the beginning of the journal page
C. the next day
D. all of the above
Separate amounts in the General Debit and General Credit amount columns of a journal are ____.
A. rounded to the nearest dollar
C. posted infrequently
B. posted individually
D. none of the above
Separate amounts in the Sales Credit column of a journal are ____.
A. rounded to the nearest dollar
C. posted frequently
B. posted individually
D. none of the above
Separate amounts in the Cash Debit column of a journal are ____.
A. posted frequently
C. sometimes posted individually
B. not posted
D. all of the above
Accounting 1 Chapter 4
Answer Section
TRUE/FALSE
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
T
F
T
T
T
F
T
F
F
T
T
T
T
T
F
T
F
F
T
T
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
1
1
1
1
1
1
1
1
1
1
MULTIPLE CHOICE
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
D
B
B
C
A
A
A
B
D
B