Bookkeeping Ledgers Quiz

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  • 1/10 Questions

    Which side of any ledger do debits go on?

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    • Middle
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About This Quiz

Take the quiz to see if you can remember the basics of bookkeeping ledgers.

Bookkeeping Ledgers Quiz - Quiz

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  • 2. 

    What standard format is a ledger in?

    • O

    • H

    • T

    Correct Answer
    A. T
    Explanation
    A ledger is a standard format in T.

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  • 3. 

    Accounts receivable ledgers and accounts payable ledgers are...

    • Subsidiary ledgers

    • Sub-standard ledgers

    • Substantial ledgers

    • Option 4

    Correct Answer
    A. Subsidiary ledgers
    Explanation
    Accounts receivable ledgers and accounts payable ledgers are subsidiary ledgers. Subsidiary ledgers are used to record detailed information about specific accounts, such as accounts receivable or accounts payable, and provide a more detailed breakdown of the transactions within those accounts. These subsidiary ledgers are then summarized and recorded in the general ledger. By using subsidiary ledgers, businesses can easily track and manage individual accounts, making it easier to monitor and analyze their financial transactions.

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  • 4. 

    One of the things a ledger is good for is...

    • Keeping a running tally of each account

    • Producing reports

    • Both of the above

    Correct Answer
    A. Both of the above
    Explanation
    A ledger is a useful tool for keeping track of financial transactions. It allows for a running tally of each account, meaning that all credits and debits can be recorded and tracked over time. This helps in maintaining accurate and up-to-date financial records. Additionally, a ledger can produce reports that summarize the financial activity of the accounts, providing valuable insights and analysis. Therefore, the correct answer is that a ledger is good for both keeping a running tally of each account and producing reports.

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  • 5. 

    Tick the three main ledgers used in double-entry bookkeeping

    • The chart of accounts

    • General ledger

    • Accounts receivable ledger

    • Bookkeeping software

    • Journals

    • Accounts payable ledger

    Correct Answer(s)
    A. General ledger
    A. Accounts receivable ledger
    A. Accounts payable ledger
    Explanation
    The three main ledgers used in double-entry bookkeeping are the general ledger, accounts receivable ledger, and accounts payable ledger. The general ledger contains all the financial transactions of a company, while the accounts receivable ledger records all the money owed to the company by its customers. On the other hand, the accounts payable ledger keeps track of all the money that the company owes to its suppliers and creditors. These three ledgers are essential in maintaining accurate and organized financial records for a business.

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  • 6. 

    Where is the information in the general ledger posted from?

    • Accounting source documents

    • General journal

    • Bank account

    • Option 4

    Correct Answer
    A. General journal
    Explanation
    The information in the general ledger is posted from the general journal. The general journal is where all the transactions of a company are recorded in chronological order. These transactions are then transferred or posted to the general ledger, which is a master record of all the accounts of the company. This allows for easy tracking and analysis of financial data. The bank account is not the source of information for the general ledger, but it is one of the accounts that is recorded in the general ledger.

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  • 7. 

    What does each page of the general ledger represent?

    • A debit account

    • A journal entry

    • An account from the chart of accounts

    Correct Answer
    A. An account from the chart of accounts
    Explanation
    Each page of the general ledger represents an account from the chart of accounts. The general ledger is a record of all the accounts used by a company, and each page in the ledger is dedicated to a specific account. This allows for organized and detailed tracking of transactions and balances for each individual account.

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  • 8. 

    What is another name for the general ledger?

    • Book of numbers

    • Book of accounts

    • Book of final entry

    Correct Answer
    A. Book of final entry
    Explanation
    The general ledger is often referred to as the "book of final entry" because it is the main accounting record that contains all the financial transactions of a company. It serves as a central repository for all the accounts and provides a comprehensive overview of the financial health of the organization. The general ledger is where all the journal entries are posted and summarized, making it the final destination for recording and organizing financial data.

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  • 9. 

    One ledger page shows both the debit and credit sides of a single business transaction.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement is false because a single ledger page typically only shows either the debit side or the credit side of a business transaction. The debit side records the increase in assets or expenses, while the credit side records the decrease in assets or the increase in liabilities or equity. Both sides are recorded separately in order to maintain the balance of the accounting equation.

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Quiz Review Timeline (Updated): Sep 13, 2023 +

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  • Current Version
  • Sep 13, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Dec 10, 2014
    Quiz Created by
    Sarah
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