Practice Journal, Ledger, and Trial Balance - 16 | 16. Journal, Ledger, and Trial Balance | Management 1 (Organizational Behaviour/Finance & Accounting)
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16 - Journal, Ledger, and Trial Balance

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is the purpose of a Journal in accounting?

💡 Hint: Think about where transactions are first logged.

Question 2

Easy

Define a Ledger.

💡 Hint: Consider what happens after transactions are recorded in the Journal.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What is the primary purpose of a Journal?

  • To summarize transactions
  • To record transactions
  • To create financial statements

💡 Hint: Consider where transactions are first documented.

Question 2

A Trial Balance is used to check the accuracy of which?

  • True: Debit equals Credit
  • False: Debit does not equal Credit

💡 Hint: Recap the definition we discussed about the Trial Balance.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A journal entry records a sale of ₹10,000 in cash. After posting to the Ledger, a Trial Balance shows Cash at ₹8,000 and Sales at ₹10,000. What kind of error can be inferred from this scenario?

💡 Hint: Consider what could cause the Cash figure to be understated.

Question 2

Create a Trial Balance for the following accounts and ensure it balances:
- Cash A/c: ₹5,000
- Sales A/c: ₹5,000
- Expenses A/c: ₹2,000
- Liabilities A/c: ₹3,000

💡 Hint: Calculate both sides and consider adjustments needed to achieve balance.

Challenge and get performance evaluation