LEDGER ACCOUNTING

LEDGER ACCOUNTING

12th Grade

10 Qs

quiz-placeholder

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LEDGER ACCOUNTING

LEDGER ACCOUNTING

Assessment

Quiz

Other

12th Grade

Medium

Created by

Sue Aysenne

Used 1+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a ledger in accounting?

A ledger in accounting is a type of software used for creating financial reports

A ledger in accounting is a type of currency used for transactions

A ledger in accounting is a type of pencil used for writing financial transactions

A ledger in accounting is a book or computer file where financial transactions are recorded and summarized.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the difference between general ledger and subsidiary ledger.

General ledger is manually updated, while subsidiary ledger is automatically updated.

General ledger summarizes all financial transactions, while subsidiary ledger provides detailed breakdown of specific accounts.

General ledger is only used by small businesses, while subsidiary ledger is used by large corporations.

General ledger is used for accounts payable, while subsidiary ledger is used for accounts receivable.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the main types of ledger accounts?

Asset, Liability, Equity, Revenue, Expense

Income, Expense, Capital, Liability, Asset

Debit, Credit, Balance, Equity, Revenue

Cash, Inventory, Accounts Receivable, Accounts Payable, Sales

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are ledger accounts classified?

Assets, Liabilities, Equity

Income, Expenses, Revenue

Cash, Inventory, Accounts Receivable

Debits, Credits, Journal Entries

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of posting entries to ledger accounts?

To bake cookies

To record and summarize financial transactions

To learn a new language

To practice yoga

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Describe the process of balancing a ledger account.

The process of balancing a ledger account includes dividing total debits by total credits

Balancing a ledger account involves counting the number of transactions

Balancing a ledger account requires matching the font styles of debits and credits

The process of balancing a ledger account includes comparing total debits and credits, adjusting for any discrepancies, and ensuring the closing balance matches the opening balance.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a ledger folio?

A ledger folio is a type of tree

A ledger folio is a musical instrument

A ledger folio is a type of food

A ledger folio is a page in a ledger book where specific transactions are recorded.

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