Practice The Ledger (book Of Accounts) (2.3) - Journal, Ledger, and Trial Balance

Practice: The Ledger (Book of Accounts)

Lesson 2.3Journal, Ledger, and Trial Balance

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10 questions

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6 sample questions

Question 1.
What is a ledger?
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Think about where all financial transactions are organized.
Question 2.
What are two main components found in a ledger entry?
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What must you always record when entering financial information?
3Question 3.
What is the purpose of the ledger?
- To keep records in chronological order
- To categorize transactions by type
- To find errors in accounting
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Remember the role of the ledger in accounting.
4Question 4.
True or False: The ledger includes a running balance for each account.
- True
- False
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Think about how balances are tracked within accounts.
Question 5.
ABC Company recorded a purchase of ₹10,000 on credit. Show how this would be represented in the Cash and Accounts Payable accounts in the ledger.
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Remember how credit purchases affect both accounts.
Question 6.
Create a ledger for a small business that outlines the transactions of the week: Cash sales of ₹12,000, expenses paid of ₹3,500, and equipment purchase of ₹5,000.
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Organize the entries according to their types.

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