Accounting Final Exam Review
Questions & Answers
A transaction recorded in a journal is not considered a permanent record.
False. A transaction recorded in a journal is considered a permanent record.
A journal amount column headed with an account title is a special amount
column.
True
The procedure of arranging accounts in a general ledger, assigning account
numbers, and keeping current records is posting.
False. It is file maintenance.
The day of the month is written on each journal page only for the first entry.
False. It is written for every entry.
A journal page is proved by verifying that the total debits equals the total credits.
True
,Posting is transferring information from a journal entry to a ledger account.
True
If the previous account balance and the current entry posted to an account are
both debits, the new account balance is a debit.
True.
The total of the General Credit column is not posted.
True
A ledger that contains all accounts needed to prepare financial statements is a
general ledger.
True
Separate amounts in general amount columns are not posted individually.
False. Separate amounts in general amount columns are posted individually.
, The posting reference should always be recorded in the journal's "Post Ref."
column before accounts are recorded in the ledger.
False. The posting reference should always be recorded in the journal's "Post
Ref." column after accounts are recorded in the ledger.
A check mark in parentheses below a General Debit column total indicates that
the total is not posted.
True
With the exception of the totals lines, the "Post. Ref." column is completely filled
in with either an account number or a check mark.
True
Ownership of a check cannot be transferred.
False. It can be transferred.
When a bank statement is received, the depositor should verify its accuracy
immediately.
Questions & Answers
A transaction recorded in a journal is not considered a permanent record.
False. A transaction recorded in a journal is considered a permanent record.
A journal amount column headed with an account title is a special amount
column.
True
The procedure of arranging accounts in a general ledger, assigning account
numbers, and keeping current records is posting.
False. It is file maintenance.
The day of the month is written on each journal page only for the first entry.
False. It is written for every entry.
A journal page is proved by verifying that the total debits equals the total credits.
True
,Posting is transferring information from a journal entry to a ledger account.
True
If the previous account balance and the current entry posted to an account are
both debits, the new account balance is a debit.
True.
The total of the General Credit column is not posted.
True
A ledger that contains all accounts needed to prepare financial statements is a
general ledger.
True
Separate amounts in general amount columns are not posted individually.
False. Separate amounts in general amount columns are posted individually.
, The posting reference should always be recorded in the journal's "Post Ref."
column before accounts are recorded in the ledger.
False. The posting reference should always be recorded in the journal's "Post
Ref." column after accounts are recorded in the ledger.
A check mark in parentheses below a General Debit column total indicates that
the total is not posted.
True
With the exception of the totals lines, the "Post. Ref." column is completely filled
in with either an account number or a check mark.
True
Ownership of a check cannot be transferred.
False. It can be transferred.
When a bank statement is received, the depositor should verify its accuracy
immediately.
