What is the purpose of ledger accounts?

Ledger Accounting Quiz

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Other
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University
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Medium

Hannah Page
Used 1+ times
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8 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To write up the accounting equation
To keep track of separate forms of income, expenses, assets, and liabilities
To balance off ledger accounts
To prepare an initial trial balance
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the skills required for ledger accounting?
Understanding your organization, accounting systems, and processes
Attention to detail
Personal effectiveness
All of the above
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the mnemonic for increases to the ledger accounts?
DEAD CLIC
TLC
TYU
CH
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the debit side of a ledger account?
The left hand side
The right hand side
The top side
The bottom side
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the credit side of a ledger account?
The left hand side
The right hand side
The top side
The bottom side
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the double-entry for TLC buying 500 chocolate hearts and paying by cheque?
Debit: Purchases, Credit: Business bank account
Debit: Business bank account, Credit: Purchases
Debit: Trade payables, Credit: Business bank account
Debit: Business bank account, Credit: Trade payables
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the double-entry for TLC selling 200 red roses for £15 cash each?
Debit: Sales, Credit: Business bank account
Debit: Business bank account, Credit: Sales
Debit: Trade receivables, Credit: Business bank account
Debit: Business bank account, Credit: Trade receivables
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the double-entry for TLC receiving and paying a gas bill for £500?
Debit: Gas, Credit: Business bank account
Debit: Business bank account, Credit: Gas
Debit: Trade payables, Credit: Business bank account
Debit: Business bank account, Credit: Trade payables
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