Question

Footings in T accounts always appear on the right side?

1) always appear on the right side
2) appear after each entry
3) are unnecessary when there is only one entry
4) appear only in accounts carried over from the previous accounting period

Answer 1

Footings in T accounts do not always appear on the right side. They can appear on the left side as well, depending on the account and the entries made. Option 2 - appear after each entry - is correct.

Step-by-step explanation:

Footings in T accounts do not always appear on the right side. In a T-account, footings refer to the totals or balances at the bottom of each column. These footings can appear on the left side as well as the right side, depending on the account and the entries made.

For example, in an Asset account, the footing on the left side represents the total debits or increases, while the footing on the right side represents the total credits or decreases. However, in a Liability account, the footing on the left side represents the total credits or increases, while the footing on the right side represents the total debits or decreases.

Therefore, option 1 - always appear on the right side - is incorrect. Option 2 - appear after each entry - is correct because footings are calculated after each entry in a T-account. Option 3 - are unnecessary when there is only one entry - is incorrect because footings are still relevant even with one entry. Option 4 - appear only in accounts carried over from the previous accounting period - is also incorrect because footings are calculated for all accounts, regardless of whether they are carried over or not.