31. The account titles used in journalizing transactions need not be identical to the account titles in the ledger.
32. The chart of accounts is a special ledger used in accounting systems.
33. A general ledger should be arranged in the order in which accounts are presented in the financial statements, beginning with the statement of financal position accounts.
34. The number and types of accounts used by different business enterprises are the same if generally accepted accounting principles are being followed by the enterprises.
35. Posting is the process of proving the equality of debits and credits in the trial balance.
36. After a transaction has been posted, the reference column in the journal should not be blank.
37. Posting involves transferring the journalized debits and credits to the statement of financial position.
38. The trial balance lists accounts and their balances at a given point in time in the order in which they appear on the statement of financial position.
39. When debits do not equal credits on the trial balance, this indicates that the company has net income that needs to be transferred to the retained earnings account.
40. Errors on the statement of financial position are called transpositions and errors on the income statement are called irregularities.