The Ledgers – Meaning And Types - SS1 Accounting Past Questions and Answers - page 1
What is the primary purpose of a ledger in accounting?
To store all financial transactions of a business
To provide a detailed record of the business's products
To track the business's sales performance
Which of the following is NOT a type of ledger?
General ledger
Subsidiary ledger
T-Account ledger
Which type of ledger is used to keep detailed records of a specific type of transaction or account?
General ledger
Subsidiary ledger
T-Account ledger
What is the purpose of posting entries from a journal to a ledger?
To provide a summary of all transactions for each account
To provide a detailed breakdown of each transaction
To identify errors in the transactions
Who is responsible for maintaining the general ledger?
The accountants or financial department of the business
The department responsible for specific accounts
The business owner
What are the two main types of ledgers in accounting?
The two main types of ledgers are the general ledger and the subsidiary ledger.
What is the purpose of a subsidiary ledger?
The purpose of a subsidiary ledger is to keep detailed records of a specific type of transaction or account, such as accounts receivable or accounts payable.