Practice - The Ledger (Book of Accounts)
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Practice Questions
Test your understanding with targeted questions
What is a ledger?
💡 Hint: Think about where all financial transactions are organized.
What are two main components found in a ledger entry?
💡 Hint: What must you always record when entering financial information?
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is the purpose of the ledger?
💡 Hint: Remember the role of the ledger in accounting.
True or False: The ledger includes a running balance for each account.
💡 Hint: Think about how balances are tracked within accounts.
2 more questions available
Challenge Problems
Push your limits with advanced challenges
ABC Company recorded a purchase of ₹10,000 on credit. Show how this would be represented in the Cash and Accounts Payable accounts in the ledger.
💡 Hint: Remember how credit purchases affect both accounts.
Create a ledger for a small business that outlines the transactions of the week: Cash sales of ₹12,000, expenses paid of ₹3,500, and equipment purchase of ₹5,000.
💡 Hint: Organize the entries according to their types.
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