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1. General ledger is also known as?
2. Which of the following are types of General Ledger?
3. Which ledger records the income earned by a business from its buyers after the sale of goods and services?
4. Which entry is made for an accounting of arrears and advance income and expenditure?
5. Which task is called summarization in the accounting cycle?
6. Which account needs to be closed at the end of the year?
7. Which of the following is not a type of Subledger ?
8. Why does Subledger account balance is compared with controlling account ?
9. Which details are there in Subledger ?
10. General Ledger is first point of entry
11. General Journal stores every transaction in chronological order
12. Why do we need General Ledger ?
13. Which of the following correctly represents the sequence of accounting cycle?
14. The difference between the total of debit side and the total of credit side of a ledger account is known as
15. The basic sequence in the accounting process can best be described as?
Book of entries Book of final entry
Asset Account Liability Account
Asset Account Liability Account
Journal Entry General Ledger
General Ledger Adjusting Entry
Income Statement Account Income Summary Account
Credit Ledger Sales Ledger
It is part of a process to create Trial Balance Used as a checkpoint to check balance
Property and Equipment Prepaid Expenses
1 0
True 0
It helps to identify fraud Provide accurate data of all financial
Journal entry > transaction analysis > ledger acc Transaction analysis > journal entry >
Deficit Debit balance
(a) Transaction, journal entry, source document, (b) Source document, transaction, ledg
Book of ledger None of the above 2
Revenue Account Expense Account All
Revenue Account Expense Account 3
Adjusting Entry Worksheet 3
Preparation of Trial Balance Financial Statement 3
Drawing Account None of the above 1,2,3
Purchase Ledger Inventory Ledger 1
To create General Ledger To check the details correctly 1
Description of the item Date of the item purchased All
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1
Helps you compile trial balance All of the above 4
Transaction analysis > journal entryTransaction analysis > trial balance 2
Balance Credit balance 3
(c) Transaction, source document, j(d) Transaction, source document, jo 3