Following are some of the multiple choice questions on the Ledger with answers that will help the students in developing their knowledge.
1. Ledger is a principal book that contains.
2. A general ledger account that summarises all revenue and expenses for a reporting period is the ....
3. Dequan's Car Detailing had cash sales of $840 yesterday. So far he has had $39,600 in Sales and has $2,788 in his Cash account. After posting what wiil be the new GL balances?
4. Bill Stone, owner, makes a $2,000 draw when there was $14,330 in the Cash account. There wa $34,500 in the Capital account. He would post thus to the General Ledger as
$2,000 Credit Bill Stone, Draw; $2,000 Debit Cash
$2,000 Debit Bill Stone, Draw; $2,000 Credit Cash
$2,000 Credit Bill Stone, Capital; $2,000 Debit Bill Stone. Draw
$2,000 Debit Bill Sone, Capital; $2,000 Credit Bill Stone Draw
5. The General Ledger (p. 94)
6. If a debit is posted to an asset account, the amount of the debit (p. 98)
7. If a credit is posted to a liability account, the amount of the credit (p. 99)
9. A schedule that contains all accounts needed to prepare financial statements (p. 94)
10. Debtor returned damage goods $77 + $7 GST write back = $77. Cost of good sold is $35. Choose the INCORRECT ledger for this transaction.
11. Sold good on credit $700 + $70 GST = $770. Cost of good sold is $350. Choose the correct ledgers for this transaction.
12. Returned damaged inventory to creditor $60 + $6 GST write back = $66. Choose the correct ledgers for this transaction.
13. Purchased inventory on credit $2,900 + $290 GST = $3,190. Choose the correct ledgers for this transaction.
14. Sales Returns ledger is closed to:
15. Drawings is classified as...
16. The ledger that is a summary of all income and expenses is the:
17. Which three accounts are balanced (bal c/d and b/d) at the end of the reporting period?
18. Which side of the ledger would increase capital?
19. Which side of ledger would increase drawings?
20. Which side of the ledger would increase an expense?
21. Business paid for electricity $660 inclusive GST. Calculate GST.
22. Among these, which item is used as the base for preparing trial balance?
23. The ledger column that links the entry with the journal is called as.
24. The process of transferring of items from a journal to their respective ledger accounts is called as.
25. From which of the following is a ledger account prepared.
26. A ledger is called a book of.
27. Which of the following items would not appear on the credit side of the Inventory Account
28. Which of the following items is an incorrect title in the Accounts Receivable Ledger
29. Which of the following titles is incorrect in the Accounts Payable Ledger
30. Which of the following titles would not appear in the Accounts Receivable Account
31. Which of the following titles would not appear in the Inventory Account
32. Which of the following items would appear on the Debit side of the GST Clearing Account if an amount was owed to the ATO
33. Select the correct set of titles to be recorded in the credit side of the Inventory Account
34. Which of the following items would NOT appear in the P/L Summary account
35. Which of the following would be the correct entries for the credit side of the inventory account
36. Which of the following are incorrect titles in the Disposal of Van account
37. A bad debt has been written off during the period as the Accounts Receivable has been declared bankrupt. The correct entry in the Allowance for Doubtful Debts ledger would be
38. What credit entry is required when the business writes off a bad debt
39. When creating an allowance for doubtful debts what is the debit entry in the General Journal
40. What is the debit entry required to recognize Unearned Sales Revenue as being earned
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