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Ledger Test 10

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Ledger Test 10
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Weekly Quiz Competition
  • Question 1
    1 / -0
    The process of transferring the transactions relating to changes in a particular item at one place in the form of an account is called _________.
    Solution
    The process of transferring the transactions relating to changes in a particular item at one place in the form of an account is called posting.
    Posting is process of transferring accounts from Journal to Ledger.
  • Question 2
    1 / -0
    Ledger is the ____ of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded.
    Solution
    Ledger is the principal book of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded.
  • Question 3
    1 / -0
    The total number of sales can be known from the ________.
    Solution
    Credit sales are recorded through sales day book which is a subsidiary book. 
    Cash Sales are recorded through cash book. 
    At the end of a particular period , total of sales day books is transferred to the sales ledger. Each cash sales is posted in ledger. 
    Total of sales done by the business can be seen from the Sales Account in the ledger. 
  • Question 4
    1 / -0
    Which of the following types of information are found in subsidiary ledgers, but not in the general ledger?
    Solution
    The Sales Book is regarded as the subsidiary book which is also called as a book of original entry. The Sales Book or the sales day book consists of the records of the all-credit sales of goods or products. Sales book also reflect the quantity of the product sold during a particular point of time. Therefore, B is the correct option.
  • Question 5
    1 / -0
    In the ledger only __________ accounts are maintained.
  • Question 6
    1 / -0
    Sales or Return Day Book are known as ______________.
    Solution

    Subsidiary Books are books of Original Entry. They are also known as Day Book or special journals. We record transactions of similar nature are in Subsidiary Books. There are various subsidiary books like Sales Book, Sales Day Book, Purchase Book, Sales Return Book, etc.

  • Question 7
    1 / -0
    The following relate to the recording process. Which of these statements is correct?
  • Question 8
    1 / -0
    c/f indicates ___________.
  • Question 9
    1 / -0
    X deposited rupees 500 in bank account ____________.
    Solution
    The Journal Entry for - X deposited Rs. 500 in bank account will be
    Bank a/c     Dr.
         To Cash a/c    
    (Being amount deposited into the Bank)
    The bank is an asset and its Bank balance will increase when cash is deposited into the bank. Therefore, Bank a/c will be debited. 
  • Question 10
    1 / -0
    Which of the following is (are) benefit/s of subsidiary ledger accounts to business?
    Solution
    The benefit/s of subsidiary ledger accounts to business are:
    1. It tells about customer attitude of payments
    2.     It can be checked against the control account to pick up recoding errors
    3. It tells about the complete history of transactions of business client
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