The Double Entry System 1 (Form 1, Accounting Commercial)

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Quiz on ledgers and layouts for Cameroon Form 1

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YAKILI LMS

Cameroon

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The Double Entry System 1 (Form 1, Accounting Commercial)


Froggy Jumps The Double Entry System 1 (Form 1, Accounting Commercial)Online version Quiz on ledgers and layouts for Cameroon Form 1 by YAKILI LMS 1 What is a ledger account? a A record of all business transactions for a specific item b A list of customers and suppliers only c A summary of cash in hand only 2 What main purpose does a ledger serve? a To store tax records only b To plan future budgets solely c To classify and summarize transactions by account 3 What is posted to the debit side of a ledger? a Revenue decreases b Assets and expenses increase c Liabilities decrease 4 What is posted to the credit side of a ledger? a Liabilities and revenue increase b Expenses increase c Assets increase 5 Which part of the ledger shows the opening balance? a Closing balance column b Beginning balance column c Credit column only 6 What does a 'spacement' of a ledger refer to? a The height of ledger pages b The number of pages in a ledger c Spacing to separate dates and details in the ledger page 7 What is a 'separate column' ledger layout? a A ledger without balances b A format with individual columns for each account element c A single-column diary of transactions 8 What is a 'double column' layout? a Two columns, one for debit and one for credit b A single balance column only c Three columns for date, detail, amount 9 In double column ledgers, what does the left column usually show? a Opening balances only b Debit entries c Credit entries 10 In double column ledgers, what does the right column usually show? a Credit entries b Debit entries c Dates only 11 What is a 'balance' in an account? a The total of credits only b The total of debits only c The net amount after all debits and credits 12 What does a 'balance with balances' layout include? a Running totals after each entry b Only closing balances c Only opening balances 13 What is an account in the double-entry system? a A list of invoices only b A record of all increases and decreases for an item c A bank statement 14 Which statement is true about the double-entry system? a It records only receipts b Every transaction affects at least two accounts c Transactions affect only one account 15 Which side is used for assets in simple ledgers? a Debit side b Credit side c Opening balance side 16 Which side is used for revenues in ledgers? a Credit side b Opening balance side c Debit side 17 What page feature helps track variations in a ledger? a Running balance column b No balance tracking c Monthly total only 18 What is the purpose of posting in a ledger? a To store invoices b To transfer journal entries to accounts c To write reminders only 19 Which item would appear on the debit side of a cash account? a Cash paid out b Credit sales c Cash received 20 Which item would appear on the credit side of a cash account? a Cash received b Cash paid out c Opening balance 21 What is a trial balance purpose? a List customers and suppliers b Check that total debits equal total credits c Show profit for the period 22 Which statement best describes ledger accounts? a Part of the general ledger for posting journal entries b Only for tax records c Only used for petty cash 23 What does 'separate column accounts' imply? a All accounts share one column b Columns are not used at all c Each account has its own column in the ledger 24 Which is true about 'double column accounts with balances'? a Balances are ignored b Balances shown only at month end c Balances are shown after each entry 25 What is the primary use of the general ledger? a Record only cash transactions b Summarize all financial transactions by account c Forecast future sales 26 Which side of the ledger would show a decrease in an asset? a Debit side b Balance side c Credit side 27 Which side of the ledger would show an increase in revenue? a Debit side b Interest side c Credit side 28 What does 'opening balance' indicate? a Balance at the start of the period b Balance at the end of the period c A forecasted balance 29 What is the 'closing balance'? a Balance at the end of the period b Zero balance only c Opening balance 30 In a two-column ledger, which item is on the debit side for purchases? a Purchase expense b Accounts payable c Sales revenue 31 In a two-column ledger, which item is on the credit side for purchases? a Cash b Accounts payable c Purchase expense 32 What is a 'creditor' in ledgers? a A person who lends money to you b An internal employee c A person or company owed money 33 What is a 'debtor' in ledgers? a A person who owes money b An expense category c A person who is owed money 34 Which layout type is easiest for beginners? a Three-column journal b Single column c Double column with balances 35 Which statement is true about balance columns? a They eliminate the need for trial balance b They replace journals c They help verify arithmetic accuracy 36 What is a 'journal' in accounting? a A bank statement b A ledger page without postings c A book of original entry before posting to ledgers 37 Which is an example of a cash ledger entry? a Depreciation expense b Cash received from a sale c Credit from a supplier 38 What does 'posting to the ledger' mean? a Transferring journal entries to accounts b Preparing a cash book only c Writing a memo 39 Which is typically a credit balance type? a Expenses b Liabilities c Assets 40 Which is typically a debit balance type? a Liabilities b Revenue c Assets 41 What is an 'account' in the ledger? a A list of customers only b A memo of receipts c A record for increases and decreases of a value 42 Which entry shows a sale on credit in the ledger? a Debit: Sales, Credit: AR b Debit: AR, Credit: Sales c Debit: Cash, Credit: Sales 43 What is 'AR' in ledgers? a Asset Reserve b Accounts Revenue c Accounts Receivable 44 What is 'AP' in ledgers? a Annual Profit b Accounts Payable c Asset Provision 45 Which is a benefit of ledgers with balances? a No summary of accounts b Easier financial position checks c Less accuracy 46 Which of the following is a characteristic of double-entry? a Only revenue is recorded b Every transaction has equal debits and credits c Only assets are recorded 47 What does a 'posting reference' do? a Creates a new journal b Tracks source journal for each ledger entry c Deletes old entries 48 Which is an example of a two-column layout feature? a Separate Debit and Credit columns b No balance column c A single date column 49 What is the importance of accuracy in ledgers? a Irrelevant to reports b Ensures correct financial statements c Only for aesthetics 50 Which is a typical end-of-period task? a Reorder ledgers b Close the cash drawer c Prepare a trial balance

The Double Entry System 1 (Form 1, Accounting Commercial)

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The Double Entry System 1 (Form 1, Accounting Commercial)Online version

by YAKILI LMS

What is a ledger account?

What main purpose does a ledger serve?

What is posted to the debit side of a ledger?

What is posted to the credit side of a ledger?

Which part of the ledger shows the opening balance?

What does a 'spacement' of a ledger refer to?

What is a 'separate column' ledger layout?

What is a 'double column' layout?

In double column ledgers, what does the left column usually show?

In double column ledgers, what does the right column usually show?

What is a 'balance' in an account?

What does a 'balance with balances' layout include?

What is an account in the double-entry system?

Which statement is true about the double-entry system?

Which side is used for assets in simple ledgers?

Which side is used for revenues in ledgers?

What page feature helps track variations in a ledger?

What is the purpose of posting in a ledger?

Which item would appear on the debit side of a cash account?

Which item would appear on the credit side of a cash account?

What is a trial balance purpose?

Which statement best describes ledger accounts?

What does 'separate column accounts' imply?

Which is true about 'double column accounts with balances'?

What is the primary use of the general ledger?

Which side of the ledger would show a decrease in an asset?

Which side of the ledger would show an increase in revenue?

What does 'opening balance' indicate?

What is the 'closing balance'?

In a two-column ledger, which item is on the debit side for purchases?

In a two-column ledger, which item is on the credit side for purchases?

What is a 'creditor' in ledgers?

What is a 'debtor' in ledgers?

Which layout type is easiest for beginners?

Which statement is true about balance columns?

What is a 'journal' in accounting?

Which is an example of a cash ledger entry?

What does 'posting to the ledger' mean?

Which is typically a credit balance type?

Which is typically a debit balance type?

What is an 'account' in the ledger?

Which entry shows a sale on credit in the ledger?

What is 'AR' in ledgers?

What is 'AP' in ledgers?

Which is a benefit of ledgers with balances?

Which of the following is a characteristic of double-entry?

What does a 'posting reference' do?

Which is an example of a two-column layout feature?

What is the importance of accuracy in ledgers?

Which is a typical end-of-period task?