141.A chart of accounts usually starts with
a.asset accounts.
b.expense accounts.
c.liability accounts.
d.revenue accounts.
142.The procedure of transferring journal entries to the ledger accounts is called
a.journalizing.
b.analyzing.
c.reporting.
d.posting.
143.A number in the reference column in a general journal indicates
a.that the entry has been posted to a particular account.
b.the page number of the journal.
c.the dollar amount of the transaction.
d.the date of the transaction.
144.A chart of accounts for a business firm
a.is a graph.
b.indicates the amount of profit or loss for the period.
c.lists the accounts and account numbers that identify their location in the ledger.
d.shows the balance of each account in the general ledger.
145.Posting
a.should be performed in account number order.
b.accumulates the effects of journalized transactions in the individual accounts.
c.involves transferring all debits and credits on a journal page to the trial balance.
d.is accomplished by examining ledger accounts and seeing which ones need updating.
146.After journal entries are posted, the reference column
a.of the general journal will be blank.
b.of the general ledger will show journal page numbers.
c.of the general journal will show "Dr" or "Cr".
d.of the general ledger will show account numbers.
147.The explanation column of the general ledger
a.is completed without exception.
b.is nonexistent.
c.is used infrequently.
d.shows account titles.
148.A numbering system for a chart of accounts
a.is prescribed by IFRS.
b.is uniform for all businesses.
c.usually starts with income statement accounts.
d.usually starts with statement of financial position accounts.
149.The first step in designing a computerized accounting system is the creation of the
a.general ledger.
b.general journal.
c.trial balance.
d.chart of accounts.
150.Posting
a.accumulates the effects of ledger entries and transfers them to the general journal.
b.is done only for income statement activity; activity related to the statement of financial position does not require posting.
c.is done only once per year.
d.is done by posting all the debits and credits of one entry before moving on to the next entry.