Solved by verified expert :61. A
notation in the post reference column of the general journal indicates that the
amount has been posted to the ledger.
True False
62. The
order of the flow of accounting data is (1) record in the ledger, (2) record in
the journal, (3) prepare the financial statements.
True False
63. The
process of transferring the debits and credits from the journal entries to the
accounts is known as “updating the accounts”.
True False
64. Journalizing
eliminates fraud.
True False
65. Once
journal entries are posted to accounts, each account will show a new balance
after each entry.
True False
66. A
group of related accounts that make up a complete unit is called a trial
balance.
True False
67. A
trial balance determines the accuracy of the numbers.
True False
68. Even
when a trial balance is in balance, there may be errors in the individual
accounts.
True False
69. The
totals at the bottom of the trial balance and the totals at the bottom of the
balance sheet both show equality and balancing, and therefore should be
equal.
True False
70. A
proof of the equality of debits and credits in the ledger at the end of an
accounting period is called a balance sheet.
True False
71. If
the trial balance is in balance, it can be assumed that all journal entries
were posted correctly and no errors were made.
True False
72. Posting
a part of a transaction to the wrong account will cause the trial balance totals
to be unequal.
True False
73. The
erroneous arrangement of digits, such as writing $45 as $54, is called a
slide.
True False
74. Journalizing
a transaction with both the debit and the credit for $69 instead of $96 will
cause the trial balance to be out of balance.
True False
75. Posting
a transaction twice will cause the trial balance totals to be equal.
True False
76. The
erroneous moving of an entire number one or more spaces to the right or left,
such as writing $85 as $850, is called a transposition.
True False
