Top 25 MCQ-Accounting Ledger

Financial Accounting · Topic 9 quiz

Ledger Quiz

Work through 25 multiple-choice questions, one at a time. Submit each answer for feedback. At the end, review your score and see which concepts to revisit.

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1. Posting transfers entries to…Bank statementsPurchase ordersLedger accountsTax certificates

2. Customer detail belongs in…Sales budgetReceivables subsidiary ledgerCash forecastAsset register

3. Debit balance carried down goes on…Credit sideDebit sideBoth sidesNeither side

4. Original entry located using…Account colourPage widthClosing date onlyPosting reference

5. Ledger balance feeds…Purchase requisitionSupplier quoteCredit applicationTrial balance

6. Cash ending balance after receipts and payments? Opening cash: 960. Receipts: 144. Payments: 63.11678791041897

7. Receivables ending debit after credit sales and collections? Opening receivables: 1080. Credit sales: 156. Collections: 68.130411689921012

8. Payables ending credit after credit purchases and payments? Opening payables: 1200. Credit purchases: 168. Payments: 73.1295144111051127

9. Credit balance from credit total and debit total? Credits: 1320. Debits: 180.114015001320180

10. Credit overstatement if posted amount exceeds correct amount? Posted credit: 1440. Correct credit: 192.163214401921248

11. Cash ending balance after receipts and payments? Opening cash: 1200. Receipts: 168. Payments: 70.1438110212981130

12. Receivables ending debit after credit sales and collections? Opening receivables: 1320. Credit sales: 180. Collections: 75.1575142512151245

13. Payables ending credit after credit purchases and payments? Opening payables: 1440. Credit purchases: 192. Payments: 80.1712155213281360

14. Credit balance from credit total and debit total? Credits: 1560. Debits: 204.135617641560204

15. Credit overstatement if posted amount exceeds correct amount? Posted credit: 1680. Correct credit: 216.189616802161464

16. Cash ending balance after receipts and payments? Opening cash: 1440. Receipts: 192. Payments: 77.1709132515551363

17. Receivables ending debit after credit sales and collections? Opening receivables: 1560. Credit sales: 204. Collections: 82.1846143816821478

18. Payables ending credit after credit purchases and payments? Opening payables: 1680. Credit purchases: 216. Payments: 87.1983180915511593

19. Credit balance from credit total and debit total? Credits: 1800. Debits: 228.157220281800228

20. Credit overstatement if posted amount exceeds correct amount? Posted credit: 1920. Correct credit: 240.216019202401680

21. Cash ending balance after receipts and payments? Opening cash: 1680. Receipts: 216. Payments: 84.1980154815961812

22. Receivables ending debit after credit sales and collections? Opening receivables: 1800. Credit sales: 228. Collections: 89.2117166119391711

23. Payables ending credit after credit purchases and payments? Opening payables: 1920. Credit purchases: 240. Payments: 94.2254206617741826

24. Credit balance from credit total and debit total? Credits: 2040. Debits: 252.178822922040252

25. Credit overstatement if posted amount exceeds correct amount? Posted credit: 2160. Correct credit: 264.189624242160264

Show the answer key

Ledger accounts The correct choice is Ledger accounts.
Receivables subsidiary ledger The correct choice is Receivables subsidiary ledger.
Credit side The correct choice is Credit side.
Posting reference The correct choice is Posting reference.
Trial balance The correct choice is Trial balance.
1041 Debits increase cash and credits reduce it.
1168 Credit sales increase receivables and collections reduce them.
1295 Supplier payments reduce the credit balance.
1140 Subtract debit postings from credit postings.
1248 Compare the incorrect credit with the amount required.
1298 Debits increase cash and credits reduce it.
1425 Credit sales increase receivables and collections reduce them.
1552 Supplier payments reduce the credit balance.
1356 Subtract debit postings from credit postings.
1464 Compare the incorrect credit with the amount required.
1555 Debits increase cash and credits reduce it.
1682 Credit sales increase receivables and collections reduce them.
1809 Supplier payments reduce the credit balance.
1572 Subtract debit postings from credit postings.
1680 Compare the incorrect credit with the amount required.
1812 Debits increase cash and credits reduce it.
1939 Credit sales increase receivables and collections reduce them.
2066 Supplier payments reduce the credit balance.
1788 Subtract debit postings from credit postings.
1896 Compare the incorrect credit with the amount required.