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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

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