Simple Ledger - Unit 4 REVIEW (Gedana & Madison)
Quiz by GEDANA MATHIRAJAN
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27 questions
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- Q1What is a Ledger?A group or file of accounts. A ledger can be in many forms such as cards, paper in binders, electronic files, etc.A report that show us the financial position of a company.30s
- Q2Which side does the beginning balance of the ASSETS go on the T-Accounts?LEFTLEFT AND RIGHTRIGHTNONE30s
- Q3Which side does the beginning balance of the LIABILITIES and OWNER'S EQUITY go on the T-Accounts?RIGHTBOTH SIDESLEFTLiabilities goes on LEFT and OE goes on RIGHT30s
- Q4Assets...Increase on the LEFT and Decrease on the RIGHTIncrease on the RIGHT and Decrease on the LEFT60s
- Q5Liabilities...Decrease on the LEFT side and increase on the RIGHT sideIncrease on the LEFT side and decrease on the RIGHT60s
- Q6What order does Ms. Simone want you to place the ASSETS, LIABILITIES and OWNER'S EQUITY on a T-Account?Place it however you'd likeTop to BottomRight to LeftLeft to Right30s
- Q7What pieces of information does an account contain?Assets and LiabilitiesOnly the Net Worth of the companyAccount name, Beginning Balance, Balance IndicatorValues of every asset30s
- Q8When a Liability decreases, which side of the T-account does it go on?CreditDebit30s
- Q9Under which side does the TOTAL of a T-account go?The side with the larger balanceWhich ever side had the beginning balanceAll go under the debit side for Assets, Liabilities and Owner's EquitySmallest Balance30s
- Q10When capital increases, which side of the T-account does it go under?CreditDependsDebit30s
- Q11A business purchases $300 worth of supplies for cash, which accounts will this affect?Supplies: CR and Cash: DRCash: CR and Supplies: DRCash: CR and Capital: DR60s
- Q12Is this an Exceptional Account?No!Yes!60s
- Q13All are Exceptional Balances except...An A/P overpays youYou return goods for creditAn A/R overpays youA customer returns for credit45s
- Q14Calculate the Capital of this business...$2,067$1,067$50060s
- Q15"on-credit" and "on-account" are terms that can be used interchangeably.Yes, they mean the same thingNo, they mean two different things60s
