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General ledger

Test your learning about ‘General ledger’ chapter by answering 10 short questions given below. We suggest you try to answer each question yourself before clicking on the ‘see answer’ button.

If you find difficulty in answering these questions, read ‘General ledger‘ chapter thoroughly from explanation section of the website.

1. What is a ledger?

2. What is meant by posting?

3. What is meant by balancing?

4. What are are the methods of preparing ledger accounts?

5. What is meant by balance?

6. What is difference between debit balance and credit balance?

7. What is meant by zero balance?

8. What abbreviations are used for debit and aredit?

9. A ledger account has two sides - left side and right side. What are book-keeping/accounting names of these two sides?

10. What is meant by posting reference (P.R) in relation to a ledger account?

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