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Understanding Account Ledgers

Authored by 2542453124 Crittenden

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12th Grade

Understanding Account Ledgers
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an account ledger?

A ledger that only tracks income and not expenses.

A document that summarizes annual financial reports.

A tool used for managing employee schedules.

An account ledger is a financial record that tracks all transactions for an individual or organization.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the main types of account ledgers?

General Ledger, Accounts Payable Ledger, Accounts Receivable Ledger, Payroll Ledger, Fixed Asset Ledger

Expense Ledger

Sales Ledger

Investment Ledger

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does a general ledger differ from a subsidiary ledger?

A general ledger is maintained by the accountant, while a subsidiary ledger is maintained by the manager.

A general ledger is a summary of all transactions, while a subsidiary ledger is a summary of all accounts.

A general ledger is only used for cash transactions, while a subsidiary ledger tracks all other transactions.

A general ledger contains all accounts, while a subsidiary ledger contains detailed transactions for a specific account.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a sales ledger?

The purpose of a sales ledger is to track sales transactions and manage accounts receivable.

To track customer complaints and feedback.

To manage inventory levels and stock.

To record employee salaries and wages.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What information is typically found in a purchase ledger?

Records of inventory levels and stock movements.

Details of purchases, including date, supplier, invoice number, amounts, and payment status.

Summary of employee salaries and bonuses for the month.

Details of sales transactions, including customer names and product details.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What role does a cash ledger play in accounting?

The cash ledger plays a crucial role in tracking cash transactions and managing liquidity in accounting.

The cash ledger is used solely for payroll management.

The cash ledger is primarily for tracking inventory levels.

The cash ledger records only non-cash transactions.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Can you explain the function of a payroll ledger?

To calculate employee bonuses only.

To track employee attendance records.

To manage company inventory and assets.

The function of a payroll ledger is to record and manage all payroll transactions for employees.

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