Ledger Accounting Quiz

What is the purpose of ledger accounts?

• 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

What are the skills required for ledger accounting?

• Understanding your organization, accounting systems, and processes

• Attention to detail

• Personal effectiveness

• All of the above

What is the mnemonic for increases to the ledger accounts?

• DEAD CLIC

• TLC

• TYU

• CH

What is the debit side of a ledger account?

• The left hand side

• The right hand side

• The top side

• The bottom side

What is the credit side of a ledger account?

• The left hand side

• The right hand side

• The top side

• The bottom side

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

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

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