quizzunit9

1. An asset ledger is an accounting ................. for a company that only contains details about

assets, rather than a general ledger that records all financial aspects of the company.

• A. journal

• B. record

• C. document

• D. procedure

2.Debtors ledger contains the accounts of the individual trade debtors of the business.

Individuals, firms and institutions to whom goods and services are sold on ................ by

business become the ‘trade debtors’ of the business.

• A. debit                         

• B. credit                       

•   C. debtors                    

•   D. creditors

3.  Asset ledger commonly has entries that bolster the company’s financial strength but, if an asset decreases in value, ................. also is recorded.

 

• A. expense                  

• B. cost                                       

•     C. loss                                   

•         D. depreciation

An asset ledger only details one aspect of financial dealings: assets. These are things that help give the company money, can be................. into cash or are used to get work done.

• A. converted

   

   

• B. broken

• C. taken

• D. turned

6. In a general ledger, assets are .................as general assets, with little or no distinguishing features.

 

 

 

 

• A. analyzed

• B. known

• C. entered

• D. posted

7. Ledger posting is the process of transferring the debit and the credit .................from the Journal to the ledger.

 

•  

  A. accounts

• B. amount

• C. balance

• D. entries

8. The journal entries recorded during the first step provide information about which .................are

to be debited and which to be credited and also the magnitude of the debit or credit.

 

 

• A. businesses

• B. companies

• C. accounts

• D. corporations

The accounts payable ledger, also called the creditors ledger, is a subsidiary ledger that lists all

 

of the vendors and suppliers that a company................. along with their account balances and

 

details.

 

• A. borrows                                

•   B. lends                         

• C. owes                                                        

• D. earns

A subsidiary ledger contains the ................. to support a general ledger. For instance, the

 

subsidiary ledger for accountants receivalble contains all of the information on each of the credit sales to customers, each customer's remittance, return of merchandise, discounts, and so on.

 

• A. details                                    

• B. summaries             

•   C. information                                                       

•   D. data

By having the details of the accounts receivable activity in a subsidiary ledger, a company can better ................. its financial information.

• A. knowing                                

• B. to understand        

• C. measured                                               

•           D. control