Revision -

Revision -

12th Grade

5 Qs

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Revision -

Revision -

Assessment

Quiz

Business

12th Grade

Easy

Created by

Navneet Rekhi

Used 2+ times

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5 questions

Show all answers

1.

MATCH QUESTION

1 min • 1 pt

Match the following - Journals to Ledgers

record infrequent,non-cash transactions

What is the benefit of posting from Special Journals to ledger accounts in the General Ledger?

sort, classify, summarise transactions

What is the role of Journals?

To record infrequent Cash Receipts

Why do we have a Sundries column in the Cash Payments journal?

To record infrequent Cash Payments

What is the role of General Journal?

Totals are posted, makes it efficient

Why do we have a Sundries column in the Cash Receipts journal?

2.

MATCH QUESTION

1 min • 1 pt

Match the following - Ledgers

other ledger affected by a transaction

Ledger account

collection of all ledger accounts.

The purpose of Cross-reference when posting entries to the General Ledger is to record the name of the

summarise transactions affecting account

General Ledger is

can be used in the financial reports.

Role of General Ledger is to sort and summarise financial data to transform the data into information that

3.

MATCH QUESTION

1 min • 1 pt

Match the following - Footing, Balancing

Owner's Equity, Revenues, Expenses

Accounts that are footed are

Assets

Account which can have a balance on the Debit or Credit side is

Liabilities, Capital

Accounts that are balanced are

Bank

Accounts having an opening balance on the Debit side are

Assets, Liabilities

Accounts having an opening balance on the Credit side are

4.

MATCH QUESTION

1 min • 1 pt

Match the following - Trial Balance

debit and credit entries were reversed

Trial Balance will not detect the recording error if in the General Ledger

Role/Purpose of Trial Balance

Trial Balance will detect the recording error if in the General Ledger

there are two debits

To determine if total debits equal total credit in the General Ledger

Assets, Liabilities

A list of all accounts in the General Ledger and their balances

Trial Balance

Accounts that are balanced are

5.

MATCH QUESTION

1 min • 1 pt

Match the following - Qualitative Characteristic

financial information is faithful

Trial Balance can verify if total debits and credits are in the General Ledger.

Hence, accountants can check that

faithful representation of what occurred

Source documents contain data that is used to create financial information and provide evidence of the original price. They achieve verifiability as financial information is

Verifiability

Financial information should allow different knowledgeable and independent observers to agree that the event is faithfully represented