Practice Ledger (16.2) - Journal, Ledger, and Trial Balance - Management 1 (Organizational Behaviour/Finance & Accounting)

Practice: Ledger

Lesson 16.2Journal, Ledger, and Trial Balance

Practise this section

9 questions

Flashcard drill
3 cards from this section. Quick, good the night before a test.
Exercise
6 questions · about 4 min · pass mark 70%. Hints available.
Sign up to start the exercise
Quiz
3 questions · about 2 min · pass mark 70%. Hints available.
Sign up to start the quiz

6 sample questions

Question 1.
What is the primary book of accounts in accounting?
Show hintHide hint
Think about the book where financial summaries are maintained.
Question 2.
What are the two sides of a ledger account?
Show hintHide hint
Consider a T-shaped format.
3Question 3.
What is the purpose of a ledger?
- To record transactions in chronological order
- To classify and summarize transactions
- To prepare tax returns
Show hintHide hint
Focus on how information is organized.
4Question 4.
The debit side of a ledger is used for recording which of the following?
- Increases in revenue
- Increases in expenses
- Decreases in assets
Show hintHide hint
Consider what happens to accounts when they increase.
Question 5.
A firm has the following journal entries in July: Cash Sale of ₹10,000, Purchase of equipment for ₹5,000. Record these in the respective ledger accounts and ensure the totals balance.
Show hintHide hint
Remember to keep track of which accounts increase or decrease.
Question 6.
An accountant found that a ₹2,000 cash payment made on account was recorded as a 'Credit' rather than a 'Debit'. What steps should the accountant take to correct this error in the ledger?
Show hintHide hint
Think about how errors impact account balances!

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