The General Ledger (Junior Cert Business Studies): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What step is the general ledger in the accounting process?
What step is the general ledger in the accounting process?
Second major step
What is a general ledger?
What is a general ledger?
Organised system recording all transactions
What type of information does the general ledger provide?
What type of information does the general ledger provide?
Summary totals for specific periods
What does the debit side of accounts record?
What does the debit side of accounts record?
Assets and expenses
What does the credit side of accounts record?
What does the credit side of accounts record?
Liabilities, income, and gains
What are fixed assets?
What are fixed assets?
Long-term items lasting many years
What are current liabilities?
What are current liabilities?
Money owed within one year
What does 'posting' mean?
What does 'posting' mean?
Transferring info from cash book to ledger
What is the posting rule for transferring entries?
What is the posting rule for transferring entries?
Go to opposite side in ledger
Where do sales appear in the general ledger?
Where do sales appear in the general ledger?
Credit side
What is the first step in balancing a ledger account?
What is the first step in balancing a ledger account?
Add up both sides
What does the general ledger prepare for?
What does the general ledger prepare for?
Trial balance