General Ledger Quiz

Which document is used to record all financial transactions before they are posted to the ledger?

• Income Statement

• Balance Sheet

• Cash Flow Statement

• General Journal

What is the first step in the accounting cycle?

• Posting the journal entries to the general ledger

• Preparing the financial statements

• Recording (journalising) the transactions in the general journal

• Recording (and posting) closing entries

What is a general ledger?

• A list of all accounts being used by the business

• A place where all details of a transaction is recorded

• A report that shows the profit for the period

• All of these

Which of the following are benefits of using a general ledger?

• Its an easy way to see the balance of an account

• It summarises information about an account all in one place

• Provides more useful information to the managers of the business

• All of these are benefits

What step in the accounting cycle is posting to the General Ledger?

• 1st step

• 2nd step

• 3rd step

• 4th step

Which of the following are common ways to show a general ledger?

• Report format

• T-Style format

• Columnar (running balance) format

• Side by side format

Transferring the debit and credit information for each journal entry to the accounts in a general ledger is called

• Posting

• Journalising

• Recording

• Reconciling

What is a chart of accounts?

• A numbering system used to organise a businesses accounts efficiently

• A list of all of the accounts in the general ledger along with account balance

• A report of all revenue and expense accounts

• All of these

What indicates that the posting process has been completed for a line in the general journal?

• Entering the date in the ledger account

• Writing the account number in the journal

• Locating the account in the ledger

• Completing the daily postings

What is a subsidiary ledger?

• a separate record showing how much each credit customer or supplier owes or is owed

• A list of accounts with debit or credit balances in the ledger

• A list of the accounts in the ledger with a systemat numbring system

• All of these