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Year 11 Exam  >  Year 11 Tests  >  Test: Double Entry Book-Keeping with Ledger Accounts - Year 11 MCQ

Test: Double Entry Book-Keeping with Ledger Accounts - Year 11 MCQ


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10 Questions MCQ Test - Test: Double Entry Book-Keeping with Ledger Accounts

Test: Double Entry Book-Keeping with Ledger Accounts for Year 11 2024 is part of Year 11 preparation. The Test: Double Entry Book-Keeping with Ledger Accounts questions and answers have been prepared according to the Year 11 exam syllabus.The Test: Double Entry Book-Keeping with Ledger Accounts MCQs are made for Year 11 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Double Entry Book-Keeping with Ledger Accounts below.
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Test: Double Entry Book-Keeping with Ledger Accounts - Question 1
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Which of the following best describes the Double Entry System in accounting?

Detailed Solution for Test: Double Entry Book-Keeping with Ledger Accounts - Question 1
The Double Entry System requires each transaction to impact at least two accounts: one account is debited, and another is credited, ensuring the accounting equation remains balanced.
Test: Double Entry Book-Keeping with Ledger Accounts - Question 2
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What is the primary purpose of a Ledger in accounting?

Detailed Solution for Test: Double Entry Book-Keeping with Ledger Accounts - Question 2
A Ledger categorizes financial transactions by account, providing a detailed record of transactions for each account, such as sales, purchases, and expenses.
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Test: Double Entry Book-Keeping with Ledger Accounts - Question 3
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When recording a sale transaction, which accounts are typically affected?

Detailed Solution for Test: Double Entry Book-Keeping with Ledger Accounts - Question 3
A sale transaction typically affects the Sales account (credited) and the Cash or Bank account (debited), reflecting revenue received.
Test: Double Entry Book-Keeping with Ledger Accounts - Question 4
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How are purchase transactions recorded in the ledger?
Detailed Solution for Test: Double Entry Book-Keeping with Ledger Accounts - Question 4
Purchase transactions are recorded by debiting the Purchases account and crediting the Cash or Bank account, reflecting the expense incurred.
Test: Double Entry Book-Keeping with Ledger Accounts - Question 5
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What type of transaction would involve the recording of a contra account?
Detailed Solution for Test: Double Entry Book-Keeping with Ledger Accounts - Question 5
Contra accounts, like Discounts Allowed, offset and reduce the value of related accounts, such as Sales or Accounts Receivable.
Test: Double Entry Book-Keeping with Ledger Accounts - Question 6
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How are accounts balanced at the end of an accounting period?
Detailed Solution for Test: Double Entry Book-Keeping with Ledger Accounts - Question 6
Accounts are balanced by ensuring total debits equal total credits, maintaining the fundamental principle of the Double Entry System.
Test: Double Entry Book-Keeping with Ledger Accounts - Question 7
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What is the purpose of transferring balances to the Income Statement?
Detailed Solution for Test: Double Entry Book-Keeping with Ledger Accounts - Question 7
Transferring balances to the Income Statement involves closing temporary accounts (such as revenue and expense accounts) to determine the net income or loss for the period.
Test: Double Entry Book-Keeping with Ledger Accounts - Question 8
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How can financial analysts interpret accounts and their balances effectively?
Detailed Solution for Test: Double Entry Book-Keeping with Ledger Accounts - Question 8
Financial analysts interpret accounts by comparing financial ratios and metrics with industry averages, providing insights into a company's financial health.
Test: Double Entry Book-Keeping with Ledger Accounts - Question 9
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What does a credit balance in an account typically indicate?
Detailed Solution for Test: Double Entry Book-Keeping with Ledger Accounts - Question 9
A credit balance in an account often indicates a positive cash flow or excess funds available after accounting for debits.
Test: Double Entry Book-Keeping with Ledger Accounts - Question 10
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How does the Double Entry System ensure accuracy in financial recording?
Detailed Solution for Test: Double Entry Book-Keeping with Ledger Accounts - Question 10
The Double Entry System ensures accuracy by recording each transaction in at least two accounts, cross-checking entries to maintain balance and accuracy.
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