Introduction to Accountancy Quiz

A summary of all ledger accounts at a specific point in time, used to verify the accuracy of the accounting records.

To record all financial transactions in chronological order, like a diary for your business.

An account that represents the money owed to the business by its customers, like a promise of future cash inflow.

The primary record of all business transactions, a centralized repository for financial activity.

An asset account representing the goods available for sale, like a stock of goods to be sold.

To identify errors in the accounting records, ensuring that the total debits equal the total credits.