A general ledger account that summarises all revenue and expenses for a reporting period is the ....
Capital account
Bank account
Profit and Loss Summary
Profit Account
Q.3.
Dequan's Car Detailing had cash sales of $yesterday. So far he has had $39,in Sales and has $2,in his Cash account. After posting what wiil be the new GL balances?
Credit Sales $40,440; Debit Cash $3,628
Debit Sales $40,440; Credit Cash $3,628
Credit Sales $35,760; Debit Cash $1,948
Debit Sales $35,760; Credit Cash $1,948
Q.4.
Bill Stone, owner, makes a $2,draw when there was $14,in the Cash account. There wa $34,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
Q.5.
The General Ledger (p. 94)
pages must all have an account balance >0
can have more than one account on a page if space permits
should be updated at least once a month
should have a page fof each account listed in the chart of accounts
Q.6.
If a debit is posted to an asset account, the amount of the debit (p. 98)
will be subtracted from the previous balance to determine the new debit account balance
will be added to the previous balance to determine the new debit account balance
will be subtracted from the previous balance to determine the new credit account balance
will be added from the previous balance to determine the new credit account balance
Q.7.
If a credit is posted to a liability account, the amount of the credit (p. 99)
will be added to the previous account balance to determine the new credit balance
will be subtracted from the previous account balance to determine the new credit balance
will be added to the previous account balance to determine the new debit balance
will be subtracted from the previous account balance to determine the new debit balance
Q.8.
A ledger is a (p. 94)
group of accounts
form to enter transactions in chronological order
business paper from which information is obtained for an entry
a document used to record sales
Q.9.
A schedule that contains all accounts needed to prepare financial statements (p. 94)
General Journal
General Ledger
All Sales Invoices
Source Documents
Q.10.
Sales Returns ledger is closed to:
debit side of profit and loss ledger
credit side of profit and loss ledger
Q.11.
Drawings is classified as...
Expense
Negative Equity
Asset
Liability
Q.12.
The ledger that is a summary of all income and expenses is the:
Capital
Equity
Profit and Loss
Income statement
Balance sheet
Q.13.
Which three accounts are balanced (bal c/d and b/d) at the end of the reporting period?
Liabilities
Assets
Equity
All of above
Q.14.
Which side of the ledger would increase capital?
Debit
Credit
Q.15.
Which side of ledger would increase drawings?
Debit
Credit
Q.16.
Which side of the ledger would increase an expense?
Debit
Credit
Q.17.
Among these, which item is used as the base for preparing trial balance?
Cash account
Balance sheet
Journal
Ledger account
Q.18.
The ledger column that links the entry with the journal is called as.
J.F column
L.F column
Credit column
Debit column
Q.19.
The process of transferring of items from a journal to their respective ledger accounts is called as.
Entry
Arithmetic
Balancing
Posting
Q.20.
From which of the following is a ledger account prepared.
Transactions
Journal
Events
None of the above
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