Balancing Ledger Accounts

Balancing Ledger Accounts

9th - 10th Grade

5 Qs

quiz-placeholder

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Balancing Ledger Accounts

Balancing Ledger Accounts

Assessment

Quiz

Business

9th - 10th Grade

Hard

Created by

L Sands

Used 29+ times

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when we balance an account?

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