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Chapter 4 Review Accounting 1

Quiz by Jason Ford

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16 questions
Show answers
  • Q1
    A journal shows all the changes in a single account in one place
    False
    True
    30s
  • Q2
    A group of accounts is called a ledger.
    False
    True
    30s
  • Q3
    Account numbers are assigned by 10’s so that new accounts can be added in easily
    True
    False
    30s
  • Q4
    The account number is placed in the Post Ref. column of the journal as the last step in the posting procedure.
    False
    True
    30s
  • Q5
    When adding a new expense account between accounts numbered 510 and 520, the new account is assigned the account number 515.
    False
    True
    30s
  • Q6
    The complete steps for posting are to write the date, journal page number, and balance.
    False
    True
    30s
  • Q7
    Each business has a unique chart of accounts.
    True
    False
    30s
  • Q8
    If a business has only two asset accounts, Cash and Supplies, the two accounts are numbered 110 and 120 respectively.
    True
    False
    30s
  • Q9
    A withdrawal account has a normal credit balance.
    True
    False
    30s
  • Q10
    The cash account is the first asset account and is numbered 100.
    False
    True
    30s
  • Q11
    Accounts are listed in order of liquidity on the chart of accounts
    False
    True
    30s
  • Q12
    The first digit in the account number 120 means that the account is in a(n)
    asset
    liability
    expense
    revenue
    30s
  • Q13
    A journal entry made to correct an error in the ledger is called a(n)
    reversing entry
    adjusting entry
    error reversal
    correcting entry
    30s
  • Q14
    The procedure for transferring information from a journal entry to a ledger account is
    recording
    file maintenance
    journalizing
    posting
    30s
  • Q15
    The first step in the posting process is writing the
    credit amount
    debit amount
    date
    journal page number
    30s

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