Question: When using a four-column account, the posting reference column allows the user of the financial data to trace the amounts in the journal back to

When using a four-column account, the posting reference column allows the user of the financial data to trace the amounts in the journal back to the ledger.

True or false?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Instructions 1. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2018, is shown in Exhibit 17. For each account in the post-closing...

4-8j Comprehensive Problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The accounting cycle for Kelly Consulting for April, including financial statements, was...

Please answer all parts of the question thoroughly. Note that questions/instructions marked as optional are actually required to be completed. Kelly Pitney began her consulting business, Kelly...

The four-column account OA. is not frequently used in practice because it provides less information than T-accounts O B. is an alternative to using the ledger c. includes the Post Ref column which...

Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter....

I need help in solving this comprehensive problem for Financial Accounting: Problem Kelly Pitney began her consulting business Kelly Consulting, on April 1, 2016. The accounting cycle for Kelly...

4-8j: Comprehensive Problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The accounting cycle for Kelly Consulting for April, including financial statements, was...

I quite cant solve problem 1, on the journal entry i am stuck on how to log may 5th as. Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. The accounting cycle for Kelly...

Kelly Pitney began her consulting business, Kelly Consulting, on April 1 , 20Y8. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter....

Upstake Ltd offers a range of financial services to consumers and small businesses. It is listed on GSE and usually its share price performs in line with market expectations, but its board has been...

Ochre Corporation's board of directors decides to distribute property to its shareholders rather than pay a cash dividend. Why might Ochre's board make this decision?

Given the function, f ( x ) = - 0 . 9 x 2 + 1 . 7 x + 2 . 5 , using the Fixed - Point Iteration Method, where the initial value of x = 5 , the approximate root after 5 iterations is: ( Test if x = 5...

1. What are the problems of managing data resources in a traditional file environment?

5-9 Hischornklinik Group is a leading private medical clinic group in Germany. It relies on information systems to operate 14 hospitals, as well as hundreds of specialist institutes. Demand for...

5-11 In this exercise, youll use software at various online travel sites to obtain pricing for total travel and lodging costs for a sales conference. EuroPlastiques is a leading EU plastics company....