Practice Summary - 16.6 | 16. Journal, Ledger, and Trial Balance | Management 1 (Organizational Behaviour/Finance & Accounting)
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16.6 - Summary

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Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is the primary purpose of the Journal?

💡 Hint: Think about where transactions are first written down.

Question 2

Easy

Which accounting method does the Journal follow?

💡 Hint: Remember, every entry must balance debits and credits.

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 main function of the Journal?

  • Is only to keep historical records
  • To record transactions chronologically
  • To summarize transactions

💡 Hint: What does the Journal do as transactions happen?

Question 2

The Ledger helps in preparing which of the following?

  • Trial Balance
  • Cash Flow Statement
  • Income Statement

💡 Hint: Think about what comes after classification.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A company received a cash payment of ₹2,000 for services rendered but mistakenly recorded it only as a debit to Cash without a corresponding credit. How would this affect the Trial Balance?

💡 Hint: Think about the principles of double-entry accounting.

Question 2

You need to prepare a Trial Balance from the following Ledger data: Cash A/c (Dr ₹3,000; Cr ₹1,000), Sales A/c (Dr ₹1,500; Cr ₹5,000). What is the total for both debits and credits?

💡 Hint: Add up both sides of the Ledger accounts carefully.

Challenge and get performance evaluation