T Or F Flashcards
A journal entry is said to be complete even without an “explanation”.
False
Erasures in the journal may impair accounting records and can create suspicion that there are manipulation done.
True
An erroneous journal entry cannot be corrected anymore.
False
Entries in the journal are transferred to the ledger for final recording.
True
A journal like that of a ledger can also be “loose-leaf” or “book bound” form.
False
The bookkeeper has the option to indicate a double zero or dash in the centavo column if there is no centavo.
True
There is no indention for the accounts debited and credited in a journal entry.
False
The use of a peso sign is eliminated specially in the journal because the debit and credit columns are understood to be money columns and that we use peso as valuation
True
In the journal, the use of comma for the millions and thousands and the decimal points for the centavo are eliminated.
True
When the journal entry is erroneous, the best thing to do is to leave it because the owner has no knowledge about accounting.
False
Recording is the first phase of accounting.
True
An opening entry will once in the life of the business.
True
Folio is the other term for “post reference”.
False
Folio in the ledger shows the page number of a journal where the entries are taken from.
True
The book of original entry is called ledger
False
