choose the correct answer 618972

Aug 30, 2021 | Uncategorized

Choose the Correct Answer

  1. Ledger is a book of:
    1. journalizing
    2. original entry
    3. secondary
    4. all credit transaction
  2. L.F. column in the Journal is to be entered at the time of:
    1. journalising
    2. casting
    3. balancing
    4. posting
  3. The process of transferring the transactions relating to changes in a particular item at one place in the form of an account is called:
    1. posting
    2. balancing
    3. journalizing
    4. none of the above
  4. The process of recording a transaction in the journal is called:
    1. posting
    2. journalising
    3. balancing
    4. none of the above
  5. The words “To Balance b/f, By Balance b/d are recorded in the “Particular Column” of the ledger book: at the time of
    1. opening entry
    2. closing entry
    3. simple entry
    4. compound entry
  6. Personal and real accounts are:
    1. at sometimes balance
    2. always balance
    3. closed
    4. closed and transferred
  7. The column of ledger which links the entry with journal is:
    1. L.F. Column
    2. J.F. Column
    3. Amount Column
    4. Date Column
  8. Real accounts always show:
    1. debit balance
    2. credit balance
    3. nil balance
    4. cannot be balanced
  9. Nominal account having credit balance represents:
    1. income and gain
    2. expense or loss
    3. assets
    4. liabilities
  10. Nominal account having debit balance represents:
    1. assets
    2. liabilities
    3. expense or loss
    4. income or gain
  11. When the total of the debits and the total of the credits are equal, it represents:
    1. nil balance
    2. debit balance
    3. credit balance
    4. none of the above
  12. Account having credit balance is closed by writing:
    1. To Balance c/d
    2. By Balance b/d
    3. To Balance b/d
    4. By balance b/f
  13. The balances of personal and real accounts are shown in the:
    1. Balance Sheet
    2. Profit and Loss Account
    3. both
    4. none of the above
  14. The nominal accounts are closed by transferring to:
    1. Balance Sheet
    2. Profit and Loss Account
    3. both
    4. none of the above
  15. In general, the following accounts are balanced:
    1. real accounts and nominal accounts
    2. personal accounts and real accounts
    3. personal accounts and nominal accounts
    4. none of the above