Practice Journal, Ledger, And Trial Balance (16) - Journal, Ledger, and Trial Balance

Practice: Journal, Ledger, and Trial Balance

Lesson 16Journal, Ledger, and Trial Balance

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9 questions

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6 sample questions

Question 1.
What is the purpose of a Journal in accounting?
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Think about where transactions are first logged.
Question 2.
Define a Ledger.
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Consider what happens after transactions are recorded in the Journal.
3Question 3.
What is the primary purpose of a Journal?
- To summarize transactions
- To record transactions
- To create financial statements
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Consider where transactions are first documented.
4Question 4.
A Trial Balance is used to check the accuracy of which?
- True: Debit equals Credit
- False: Debit does not equal Credit
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Recap the definition we discussed about the Trial Balance.
Question 5.
A journal entry records a sale of ₹10,000 in cash. After posting to the Ledger, a Trial Balance shows Cash at ₹8,000 and Sales at ₹10,000. What kind of error can be inferred from this scenario?
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Consider what could cause the Cash figure to be understated.
6Question 6.
Create a Trial Balance for the following accounts and ensure it balances:
- Cash A/c: ₹5,000
- Sales A/c: ₹5,000
- Expenses A/c: ₹2,000
- Liabilities A/c: ₹3,000
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Calculate both sides and consider adjustments needed to achieve balance.

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