Concept
The posting reference should always be recorded in the journal’s Post. Ref. column before amounts are recorded in the ledger. T/F
False
A group of accounts is called a _______.
Ledger
Assets is organized by ________.
Liquidity
The steps for posting are to 1) write the date, 2) the journal page number, 3) the Dr/Cr amount, 4) the balance. What's missing?
Write Account # in the Journal's "Post Ref." only.
What is the largest ocean on Earth?
The Pacific Ocean
The two steps for opening an account are writing the _______ and _________.
Account title; Account number
Determining that the amount of cash from the ledger agrees with the balance of the cash account in the accounting records is called
Proving cash
If due date is not provided, A/P is organized by _________.
alpha
When posting is complete, the Post. Ref. column in the General Journal is completely filled in with ________.
Account #
Which country gifted the Statue of Liberty to the United States?
France
If an error requires a correcting entry, the source document describing the correction to be made is a _______.
memorandum.
A __________ shows in one place all the changes in a single account.
General ledger/Ledger
Account numbers may be assigned by 10s so that ________ can be added easily.
new accounts
If the previous account balance for A/P-Boba Carlson is 900 (credit), and you post a 300 (debit), what should the NEW balance be?
600 credit
In business, what does “IPO” stand for?
Initial Public Offering
If posting is interrupted, the accounting personnel know to resume posting on the line with ____________ in the journal.
blank Post. Ref. column
The procedure for transferring information from a journal ______ to a ______ account is ________
journal; ledger; Posting
What account # should you assign a new account, "Supplies," given the below information.
510 Postage
520 Utilities
Supplies = #515
The first digits in a 3-digit account number in a Chart of Accounts indicate the __________.
General ledger division
What is the only mammal capable of sustained flight?
A bat
If the payment of cash for rent was journalized and posted in error as a debit to A/R-Boba Carlson instead of Rent Expense, the correcting entry would be:
Debit: Rent Expense
Credit: A/R-Boba Carlson
When accounts are arranged in a general ledger, account numbers are _______, and the chart of accounts is kept up to date, the accounting personnel is doing ___________.
gassigned; file maintenance
The first digit in the account number 520 means that the account is in the
expense division of the general ledger.
The Final Balance of ledger accounts generally agrees with that Account's __________.
Normal Balance
Ex. Assets will always have a Debit final balance b/c its normal balance is a Debit.
What goes up but never comes down?
Your age