Increments that account numbers are assigned so that new accounts can be added easily
What is 10s?
100
This is entered in the post ref column of the general journal to show that posting is complete
What is account number?
100
If the previous account balance and the current entry posted to an account are both debits, the new account balance is a...
What is a debit?
100
A journal shows in one place all the transactions chronologically that occurred over a time period, where as a ledger account shows in one place...
What is all the changes that affected each account?
200
The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current
What is file maintenance?
200
The numbers assigned to Cash and Supplies if they are the only two asset accounts
What is 110 and 120?
200
The numbers in the Post Ref column of the journal and general ledger account serves three purposes: (1) an entry in an account may be traced back to its source in the journal (2) an entry in a journal may be traced to where it was posted in an account (3)
What is see which entries still need to be posted if posting was interrupted?
200
When the previous balance of an account is zero and a credit amount is posted to the account, the new balance is a...
What is a credit?
200
Asset accounts are put in order by...
What is liquidity?
300
Transferring information from a general journal to a ledger account
What is posting?
300
The account number is placed in the post reference column of the journal to show that posting is complete
What is the last step?
300
Steps for posting
What is writing the date, journal page number, credit/debit amount, balance and account number?
300
If the account has a normal debit balance and a credit is posted, you...
What is subtract?
300
Expense accounts are put in order by...
What is alphabetical order?
400
Determining that the amount of cash agrees with the balance of the cash account in the accounting records
What is proving cash?
400
The first digit in the account number
What is the division of the general ledger?
400
Shows that all posting is complete
What is general journal's post ref column being completely filled?
400
Normal balance for Sales
What is credit?
400
Assets=Liabilities + Owners Equity
What is the accounting equation?
500
Writing the account title and number on the heading of an account
What is opening an account?
500
You are adding a new expense account between account numbers 510 and 520
What is 515?
500
Posting references in a journal are
a. not necessary
b. the first item recorded when posting
c. always placed in an account's Post. Ref. column
d. none of these
What is D?
500
Normal balance for Utilities Expense
What is a debit?
500
Accounts are divided by two main sections when preparing the Chart of Accounts, what are they...
What is Balance Sheet and Income Statement Accounts?