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Accounting Test Journals Ledger

This document outlines an accounting test for first-year high school students, focusing on journals and the general ledger. It consists of multiple-choice questions, concepts and definitions, transaction recording, and posting to the general ledger, totaling 100 marks. Students are required to demonstrate their understanding of accounting principles and practices through various sections of the test.

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miyathato807
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4 views3 pages

Accounting Test Journals Ledger

This document outlines an accounting test for first-year high school students, focusing on journals and the general ledger. It consists of multiple-choice questions, concepts and definitions, transaction recording, and posting to the general ledger, totaling 100 marks. Students are required to demonstrate their understanding of accounting principles and practices through various sections of the test.

Uploaded by

miyathato807
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Accounting Test: Journals and General Ledger

Grade: First-Year High School

Time: 1 Hour

Total Marks: 100

Section A: Multiple Choice (20 Marks)

Choose the correct answer. Each question carries 4 marks.

1. What is the purpose of the general journal?

a) To calculate profit

b) To record financial statements

c) To record original entries of all transactions

d) To summarize income and expenses

2. In accounting, what is a ledger?

a) A budget plan

b) A book containing accounts

c) A journal for receipts

d) A cash record

3. Which of the following is NOT part of a general journal entry?

a) Date

b) Debit and Credit columns

c) Trial Balance

d) Narration

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Accounting Test: Journals and General Ledger

4. What is recorded on the debit side of an asset account?

a) Increases

b) Decreases

c) Income

d) Expenses

5. The double-entry system means:

a) Recording transactions twice

b) Posting to two ledgers

c) Every transaction affects at least two accounts

d) Using two journals

Section B: Concepts and Definitions (20 Marks)

Answer the following. Each question = 5 marks.

1. Define the term "General Journal".

2. What is the difference between a journal and a ledger?

3. List two advantages of using the general ledger.

4. Explain the meaning of "posting" in accounting.

Section C: Transactions and General Journal (30 Marks)

Record the following transactions in the general journal. (Each correct entry = 6 marks)

1. June 1: Started business with R20,000 cash.

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Accounting Test: Journals and General Ledger

2. June 2: Bought equipment for R5,000 cash.

3. June 5: Purchased inventory on credit from M&M Suppliers for R3,500.

4. June 8: Paid rent of R2,000 by cheque.

5. June 12: Sold goods for R6,000 cash.

Section D: Posting to the General Ledger (30 Marks)

Post the following entries to the general ledger. Use T-accounts. (Each correct ledger = 10 marks)

1. June 1: Owner invested R10,000 into the business.

2. June 3: Bought furniture for R4,000 on credit from Furniture World.

3. June 10: Paid R1,000 to Furniture World.

Draw T-accounts for:

- Capital

- Furniture

- Creditors: Furniture World

- Bank

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