What is a General Ledger?
Accounting Vocabulary Quiz

Quiz
•
Business
•
9th Grade
•
Hard
Anne Dougherty
Used 2+ times
FREE Resource
22 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A record of all financial transactions
A visual representation of an account
A system where every transaction affects two accounts
A specific time frame for financial reporting.
Answer explanation
A General Ledger is a comprehensive record of all financial transactions within an organization, making 'A record of all financial transactions' the correct choice. It serves as the foundation for financial reporting.
2.
MATCH QUESTION
30 sec • 1 pt
Match the following accounting terms with their definitions:
Total revenue equals total costs.
Break-Even Point
Measures profitability
Profit Margin
Measures short-term financial health
Liquidity
Ability to meet short-term obligations
Current Ratio
3.
DRAG AND DROP QUESTION
30 sec • 1 pt
Revenue is recorded when (a) , not necessarily when cash is received.
earned
spent
saved
invested
Answer explanation
Revenue is recognized when it is earned, meaning the goods or services have been provided, regardless of when cash is actually received. This aligns with the accrual basis of accounting.
4.
DROPDOWN QUESTION
30 sec • 1 pt
Expenses are recorded in the same period as the (a) they help generate.
costs
revenues
profits
losses
Answer explanation
Expenses are matched with the revenues they help generate, following the matching principle in accounting. This ensures that financial statements accurately reflect the performance of a business during a specific period.
5.
DROPDOWN QUESTION
30 sec • 1 pt
The direct cost of producing goods sold during a period is known as (a) . A) Revenue B) Expenses C) Cost of Goods Sold (COGS) D) Payroll.
Revenue
Expenses
Cost of Goods Sold (COGS)
Payroll
Answer explanation
The direct cost of producing goods sold is referred to as Cost of Goods Sold (COGS). It represents the expenses directly tied to the production of goods, making COGS the correct choice over the other options.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the method of depreciation where an equal amount is allocated each year?
Declining Balance
Straight-Line Depreciation
FIFO
LIFO
Answer explanation
The method of depreciation that allocates an equal amount each year is called Straight-Line Depreciation. This approach evenly spreads the cost of an asset over its useful life, making it straightforward and easy to calculate.
7.
MATCH QUESTION
30 sec • 1 pt
Match the following inventory methods with their descriptions:
C
LIFO
D
FIFO
A
Perpetual Inventory
B
Periodic Inventory
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