What happens when we balance an account?
Balancing Ledger Accounts

Quiz
•
Business
•
9th - 10th Grade
•
Hard

L Sands
Used 29+ times
FREE Resource
5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
We determine the totals of each side of the account
We add up the total debits in an account
We add up the total credits in an account
We find the difference between the debits and credits in an account
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the first step to balancing an account.
Enter the difference on both sides of the T-Account
Put the difference as balance c/d
Add up each side of the account
Put the totals on both sides
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The balance in a debtor's account usually tells us...
How much was earned from the customer
How much is owed to us by that customer
How much cash was paid to us by the customer
How much goods were returned to us by the customer
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The balance in suppliers’ accounts usually shows us....
..how much we still owe them.
..how much they still owe us.
..how much goods we bought.
..how much was returned.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When does a company usually balance their accounts?
At the end of a transaction
At the beginning of the month
At the end of the period
At the beginning of the accounting year
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