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Ledger Test 1

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Ledger Test 1
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Loose-Leaf Ledgers are also known as _____________.
  • Question 2
    1 / -0
    Which of the following is not a book of prime entry?
    Solution
    A book or record where certain types of transaction are recorded before recording it in the double-entry book-keeping system, and hence the prime entry. The common books of prime entry include the day book, the cash book, and the journal. Here the information of the business transactions is recorded here. Therefore, D is the correct option.
  • Question 3
    1 / -0
    In book-keeping posting means, __________.
    Solution
    In book-keeping posting is the process of transferring the entries from the books of original entry (journal) to the ledger. Posting means grouping of all the transactions in respect to a particular account at one place for meaningful conclusion and to further the accounting process.
  • Question 4
    1 / -0
    The ______________ in a ledger helps in locating the accounts contained in it.
    Solution
    Each of the account is opened in ledger. While posting the journal transaction a reference of folio number is given. It helps in locating the account contained it.
  • Question 5
    1 / -0
    Which of the following accounts is increased by debit entries?
    Solution
    A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. Machinery is a fixed asset account hence it is increased by debit entries.
  • Question 6
    1 / -0
    Ledger is also called  ___________.
    Solution
    Journal is called subsidiary books of account. It does not provide the summarized data. 
    Hence, all entries need to be posted in ledger account. Ledger is also called as principal book of accounts as it gives the details of each account.
  • Question 7
    1 / -0
    _________ is given to promote sales.
    Solution
    Discount can be classified as trade discount and cash discount. Trade discounts are generally given to promote the sales.

    Trade discount is referred to as a discount, given by the seller to the buyer at the time of purchase of goods, as a deduction in the list price of the quantity sold. The trade discount is used by the sellers to attract more customers and increase the quantity sales.
  • Question 8
    1 / -0
    Ledger is a book of _________.
    Solution
    Ledger is book of Principal entry of books.
    Books of original entry refers to the accounting journals in which business transactions are initially recorded. The information in these books is then summarized and posted into a general ledger, from which financial statements are produced.
  • Question 9
    1 / -0
    The process of transferring the credit and debit items form a journal to their respective accounts in the ledger is termed as ___________.
    Solution
    Journal is a book of recording all the transactions. It does not give a summarize details of each of the account. An individual account is opened in ledger to record all the specific transactions of each activity. Each journal item is transferred to the ledger in their respective account. It is termed as posting.
  • Question 10
    1 / -0
    Which one of the following entry is not recorded in the residuary journal?
    Solution
    Journal are classified as subsidiary books which includes sales journal, purchase journal, sales return journal, purchase return journal etc. The transaction which are not recorded in subsidiary journal are recorded in residuary  journal. Credit sale is recorded in sales journal.
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