What is a ledger in accounting?

LEDGER ACCOUNTING

Quiz
•
Other
•
12th Grade
•
Medium

Sue Aysenne
Used 1+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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