Practice Practical Example: Preparing A Ledger Account In Spreadsheet (7) - Accounting Application of Electronic Spreadsheet

Practice: Practical Example: Preparing a Ledger Account in Spreadsheet

Lesson 7Accounting Application of Electronic Spreadsheet

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10 questions

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6 sample questions

Question 1.
What is the purpose of a ledger account?
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Think about what accountants do.
Question 2.
Define a Debit in accounting.
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Think about the left side of the ledger.
3Question 3.
What does a ledger account track?
- Only Debits
- Only Credits
- All Transactions
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Remember what types of entries are included.
4Question 4.
True or False: The formula for Balance is always the same irrespective of the previous balance.
- True
- False
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Think about how transactions affect the balance.
Question 5.
You have an opening balance of ₹20,000. You make two purchases: one of ₹3,500 and another of ₹1,200, and earn sales of ₹5,000. Create a ledger account and find the final balance.
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Don't forget to account for both purchases as debits.
Question 6.
Suppose you have a ledger with initial transactions showing ₹15,000 in Debits and ₹10,000 in Credits. After updating with a purchase of ₹2,500 and a sales amount of ₹3,500, what are the new balances?
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Keep track of changes with each transaction!

6 more questions in this section. Enroll free to practise them all.