Steps To Extract Balances From A Ledger Account - SS1 Accounting Past Questions and Answers - page 1
1
What is the first step in extracting balances from a ledger account?
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A
Review the account transactions
B
Determine the balance of the account
C
Identify the account type
D
Identify the account you want to extract the balance from
2
What is the purpose of extracting balances from a ledger account?
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A
To identify the account type
B
To determine the balance of the account at a specific point in time
C
To review the transactions that have been recorded in the ledger account
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D
To increase the balance of the account
3
Which of the following is an account that may be important for financial reporting?
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A
Telephone expenses
B
Employee salaries
C
Cash
D
Office Supplies
4
How do you determine the balance of a ledger account?
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A
By identifying the account type
B
By reviewing the account transactions
C
By adding up all the transactions recorded in the account up to a specific date
D
By analyzing the transactions recorded in the account
5
Which of the following account types has a credit balance?
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A
Accounts receivable
B
Inventory
C
Accounts payable
D
Cash
6
What is the purpose of analyzing the transactions recorded in a ledger account?
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7
How do you identify whether an account has a debit or credit balance?
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