Ledger Welcome to your Ledger A ledger is called a book of. Primary entry Final entry Original entry None of the above None If debit side of bank account is greater than credit side it represents? Cash at Bank Bank Loan Bank Overdraft None of them None The payment to a creditor will? Increase one asset and decrease another Decrease an asset and decrease owner’s equity Decrease an asset and decrease a liability Increase an asset and increase a liability None Credit means? Entries on the right hand side A decrease in liabilities An increase in expenses An increase in assets None From which of the following is a ledger account prepared. Transactions Transactions Journal Events None of the above None Ledger is a principal book in which? Only real account are kept Only personal accounts are kept All accounts are kept Only nominal accounts are kept None Excess of Debit side over Credit side is called? Debit Balance Credit Balance Liability Accounts All of before None Which item will appear on the credit side of ledger account? Cash received Purchases Discount received Rent Expenses None Transferring information from the journal to the ledger is known as: Transferring Posting Balancing Journalizing None Which of the following accounts is expected to have a debit balance? Assets Expenses Losses All of the above None The collection of all accounts in a business enterprise is known as the: Ledger Balance sheet Trial balance Journal None Which of the following correctly represents the sequence of the accounting cycle? Journal entry > transaction analysis > ledger account Transaction analysis > journal entry > ledger account Transaction analysis > journal entry > trial balance Transaction analysis > trial balance > ledger account None Time's up
