Accounting True & False – Chapter 11 – Flashcards
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T or F - When using an accounts receivable ledger, the total amount due from all customers is summarized in a single general ledger account.
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True
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T or F - Accounts are arranged in alphabetical order within the subsidiary ledger.
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True
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T or F - A change in the balance of a vendor account also changes the balance of he controlling account, Account Payable.
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True
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T or F - The total amount owed to all vendors is summarized in a single general ledger account, Account Payable.
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True
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T or F - The number of entries that may be recorded on each ledger account form is limited to 15.
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False
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T or F - The amount on each line of a purchases journal is posted as a credit to a vendor account in the account payable ledger.
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True
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T or F - Posting frequently keeps each vendor account balances up to date.
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True
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T or F - Entries in a general journal may affect account balances in an accounts payable ledger.
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True
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T or F - A controlling account balance in a general ledger must equal the sum of all account balances in a subsidiary ledger.
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True
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T or F - A schedule of accounts payable is prepared before all entries in a journal are posted.
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False
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T or F - A change in the balance of a customer account does not affect the balance of the controlling account, Accounts Receivable.
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False
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T or F - The form used in the accounts receivable ledger has a Debit Balance column.
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True
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T or F - Each amount in a sales journal's Account Receivable Debit column is posted as a credit to the customer account in the accounts receivable ledger.
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False
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T or F - Each entry in the Account Receivable Credit column of the cash receipts journal is posted to the proper customer account in the accounts receivable ledger.
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True
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T or F - The accounts receivable ledger is proved when the balance of Accounts Receivable in the general ledger is the same as the total of the schedule of accounts receivable.
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True
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T or F - Each amount in the General columns of a cash payments journal is posted as a total at the end of the month.
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False
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T or F - The monthly total of each special amount column in a cash payments journal is posted to a general ledger account.
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True
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T or F - Transactions recorded in a general journal can affect both subsidiary ledger and general edger accounts.
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True
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T or F - A diagonal line in the Post. Ref. column allows the posting reference of two account numbers.
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True
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T or F - Errors made in recording amounts in subsidiary ledgers always affect the general ledger controlling account.
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False
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T or F - The steps for posting a journal entry to correct customer accounts are exactly the same as posting other transactions to subsidiary ledgers.
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False
