1) The ledger is the book …………………….. a) from which the trial balance is extracted b) in which transactions are first recorded c) of original entry d) here errors are first recorded 2) The double entry is completed in the ……….. a) Sales account   b) Ledger account c) Purchases account d) General account 3) In the “date” column of a ledger account you enter the date when the ………… a) Transaction is recorded in the ledger account b) Business started operating c) Transaction took place d) Accounting year started 4) The principal Book of Accounts is called the ......... a) Ledger   b) Subsidiary c) Book of original entry d) Accounting Book 5) A ledger book is the main book of account where all business transactions undertaken have to be recorded a) Cash book b) Accounting book c) Ledger d) Subsidiary 6) …………………………….. is a summary record of information (changes) relating to a particular item. a) The Ledger  b) An account c) A transaction d) A journal 7) A debit entry is made is made in the ledger when there is …… a) An increase in the value of a liability b) A decrease in the amount of a liability c) An increase in the amount of an income d) A decrease in the amount of expense 8) ……………… is the revenue from supplying goods and services to customers a) An expense  b) The liability c) An income d) An asset 9) ……………… is expenditure (cost) incurred in order to obtain the revenue. a) An expense  b) An income c) An asset d) The liability 10) A credit entry is made in the ledger when there is .... a) A decrease in the value of an asset b) An increase in the amount of an asset c) A decrease in the amount of an income d) An increase in the amount of expenses

LEDGER: Explain the Ledger

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