Practice Summary (16.6) - Journal, Ledger, and Trial Balance - Management 1 (Organizational Behaviour/Finance & Accounting)

Practice: Summary

Lesson 16.6Journal, Ledger, and Trial Balance

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9 questions

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Exercise
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Quiz
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6 sample questions

Question 1.
What is the primary purpose of the Journal?
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Think about where transactions are first written down.
Question 2.
Which accounting method does the Journal follow?
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Remember, every entry must balance debits and credits.
3Question 3.
What is the main function of the Journal?
- Is only to keep historical records
- To record transactions chronologically
- To summarize transactions
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What does the Journal do as transactions happen?
4Question 4.
The Ledger helps in preparing which of the following?
- Trial Balance
- Cash Flow Statement
- Income Statement
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Think about what comes after classification.
Question 5.
A company received a cash payment of ₹2,000 for services rendered but mistakenly recorded it only as a debit to Cash without a corresponding credit. How would this affect the Trial Balance?
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Think about the principles of double-entry accounting.
Question 6.
You need to prepare a Trial Balance from the following Ledger data: Cash A/c (Dr ₹3,000; Cr ₹1,000), Sales A/c (Dr ₹1,500; Cr ₹5,000). What is the total for both debits and credits?
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Add up both sides of the Ledger accounts carefully.

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