Quiz  /  Ledger Gate & PSU MCQ Questions With Answers

  • 1. 
    A general ledger account that summarises all revenue and expenses for a reporting period is the ....

  • Capital account
  • Bank account
  • Profit and Loss Summary
  • Profit Account

  • 2. 
    If a credit is posted to a liability account, the amount of the credit (p. 99)

  • will be added to the previous account balance to determine the new credit balance
  • will be subtracted from the previous account balance to determine the new credit balance
  • will be added to the previous account balance to determine the new debit balance
  • will be subtracted from the previous account balance to determine the new debit balance

  • 3. 
    A schedule that contains all accounts needed to prepare financial statements (p. 94)

  • General Journal
  • General Ledger
  • All Sales Invoices
  • Source Documents

  • 4. 
    If a debit is posted to an asset account, the amount of the debit (p. 98)

  • will be subtracted from the previous balance to determine the new debit account balance
  • will be added to the previous balance to determine the new debit account balance
  • will be subtracted from the previous balance to determine the new credit account balance
  • will be added from the previous balance to determine the new credit account balance

  • 5. 
    The General Ledger (p. 94)

  • pages must all have an account balance >0
  • can have more than one account on a page if space permits
  • should be updated at least once a month
  • should have a page fof each account listed in the chart of accounts

  • 6. 
    Bill Stone, owner, makes a $2,000 draw when there was $14,330 in the Cash account. There wa $34,500 in the Capital account. He would post thus to the General Ledger as

  • $2,000 Credit Bill Stone, Draw; $2,000 Debit Cash
  • $2,000 Debit Bill Stone, Draw; $2,000 Credit Cash
  • $2,000 Credit Bill Stone, Capital; $2,000 Debit Bill Stone. Draw
  • $2,000 Debit Bill Sone, Capital; $2,000 Credit Bill Stone Draw

  • 7. 
    Dequan's Car Detailing had cash sales of $840 yesterday. So far he has had $39,600 in Sales and has $2,788 in his Cash account. After posting what wiil be the new GL balances?

  • Credit Sales $40,440; Debit Cash $3,628
  • Debit Sales $40,440; Credit Cash $3,628
  • Credit Sales $35,760; Debit Cash $1,948
  • Debit Sales $35,760; Credit Cash $1,948

  • 8. 
    A ledger is a (p. 94)

  • group of accounts
  • form to enter transactions in chronological order
  • business paper from which information is obtained for an entry
  • a document used to record sales

  • 9. 
    What is a ledger?

  • A group of charts
  • A group of accounts
  • An account of groups
  • A chart of groups
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