2. Recording Financial Transactions
Ledger Accounts — Quiz
Test your understanding of ledger accounts with 5 practice questions.
Practice Questions
Question 1
Which of the following describes the process of transferring entries from the journal to the ledger accounts?
Question 2
If the total debits in a ledger account exceed the total credits, the account has a:
Question 3
What is the purpose of the 'Balance c/d' (balance carried down) entry in a ledger account?
Question 4
A business pays its monthly rent of $$ \$600 $$ in cash. How would this transaction be recorded in the ledger accounts?
Question 5
Which of the following is a characteristic of a ledger account?