The Ledgers – Meaning And Types - SS1 Accounting Past Questions and Answers - page 1
1
What is the primary purpose of a ledger in accounting?
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A
To store all financial transactions of a business
B
To provide a detailed record of the business's products
C
To track the business's sales performance
2
Which of the following is NOT a type of ledger?
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A
General ledger
B
Subsidiary ledger
C
T-Account ledger
3
Which type of ledger is used to keep detailed records of a specific type of transaction or account?
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A
General ledger
B
Subsidiary ledger
C
T-Account ledger
4
What is the purpose of posting entries from a journal to a ledger?
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A
To provide a summary of all transactions for each account
B
To provide a detailed breakdown of each transaction
C
To identify errors in the transactions
5
Who is responsible for maintaining the general ledger?
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A
The accountants or financial department of the business
B
The department responsible for specific accounts
C
The business owner
6
What are the two main types of ledgers in accounting?
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7
What is the purpose of a subsidiary ledger?
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