True/False
Indicate whether the statement is true or
false.
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1.
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Posting sorts journal entries so that all debits and credits affecting each
account are brought together in one place.
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2.
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A separate form for each account is used to summarize all the changes to a
single account.
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3.
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A general ledger contains all accounts needed to prepare financial
statements.
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4.
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Accounts in a general ledger are arranged in the same order as they appear on
financial statements.
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5.
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Each business has a unique chart of accounts.
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6.
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When an account is no longer needed, it is removed from the general ledger and
the chart of accounts; but the now unused number cannot be reassigned.
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7.
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The posting reference is the first step recorded in the posting
procedure.
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8.
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All journal entry amounts are posted to the general ledger from the general
journal.
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9.
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A withdrawal account has a normal credit balance.
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10.
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To prove a journal page, you must verify that the total debits on the page equal
the total credits.
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11.
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A correcting entry is an additional journal entry to add on to a previous
transaction.
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12.
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The four steps in making a journal entry are reversed when making a correcting
entry.
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Matching
Use the word list provided below. Not all words will be
used; some may be used multiple times. Copy and paste from the list. Misspellings will be counted as
incorrect.
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A. | chart of accounts | F. | proving cash | B. | An entry in an account can be traced to its
source in a journal. | G. | list
off all the accounts a business owns | C. | posting | H. | signature | D. | paid cash for
supplies | I. | correcting
entry | E. | proving a five-column journal | J. | ledger |
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1.
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Which of the following is not part of file maintenance?
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2.
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Determining that the amount of cash agrees with the accounting records is
called ____.
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3.
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A list of account titles and numbers showing the location of each account in a
ledger is known as a(n) ____.
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4.
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The numbers in the Post. Ref. columns of the general ledger account and
the journal serve which purpose?
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5.
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A chart of accounts is a ____.
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6.
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Transferring information from a journal entry to a ledger account is called
____.
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7.
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A group of accounts is called a(n) ____.
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8.
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A journal entry made to correct an error in the ledger is called a(n)
____.
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