Practice Ledger - 16.2 | 16. Journal, Ledger, and Trial Balance | Management 1 (Organizational Behaviour/Finance & Accounting)
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16.2 - Ledger

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is the primary book of accounts in accounting?

💡 Hint: Think about the book where financial summaries are maintained.

Question 2

Easy

What are the two sides of a ledger account?

💡 Hint: Consider a T-shaped format.

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 purpose of a ledger?

  • To record transactions in chronological order
  • To classify and summarize transactions
  • To prepare tax returns

💡 Hint: Focus on how information is organized.

Question 2

The debit side of a ledger is used for recording which of the following?

  • Increases in revenue
  • Increases in expenses
  • Decreases in assets

💡 Hint: Consider what happens to accounts when they increase.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A firm has the following journal entries in July: Cash Sale of ₹10,000, Purchase of equipment for ₹5,000. Record these in the respective ledger accounts and ensure the totals balance.

💡 Hint: Remember to keep track of which accounts increase or decrease.

Question 2

An accountant found that a ₹2,000 cash payment made on account was recorded as a 'Credit' rather than a 'Debit'. What steps should the accountant take to correct this error in the ledger?

💡 Hint: Think about how errors impact account balances!

Challenge and get performance evaluation