Ledger Test 13

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Ledger Test 13

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Weekly Quiz Competition

Question 1
1 / -0

The total of the amount of the bills receivable book is posted to the _______in the ledger.

A
Dr. of bills payable account

B
Cr. of bills payable account

C
Cr. of bills receivable account

D
Dr. of bills receivable account

Solution

The total amount of the bills receivable book is posted to the credit of the bills receivable account in the ledger.
Bills Receivable Book is a subsidiary book which records all bill receivable transactions.
Bills Receivable Book is Primary Book of Accounting.
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.

A
Principal book

B
Primary entry book

C
Third entry book

D
None of above

Solution

Ledger is the principal book of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded.
The process of transferring journal entries to ledger accounts is known as Posting.
Ledger is also known as Book of Final Entry.
With the help of Ledger accounts, the trial balance is prepared.
Question 3
1 / -0

Process of recording transaction in ledger is known as ____________.

A
Balancing

B
Posting

C
Journalizing

D
None of above

Solution

When the transactions are recorded in ledger, than the process is known as posting.
Question 4
1 / -0

The total of the amount of the bills payable book is posted to the _____ in the ledger.

A
Dr. of bills payable account

B
Cr. of bills payable account

C
Cr. of bills receivable account

D
Dr. of bills receivable account
Question 5
1 / -0

Ledger book is popularly known as ____________.

A
Secondary book of accounts

B
Principal book of accounts

C
Subsidiary book of accounts

D
None of above

Solution

Ledger book is popularly known as Principal book of accounts
Question 6
1 / -0

The following relate to the recording process. Which of these statements is correct_________.

A
The general ledger is a chronological record, of transactions.

B
The general ledger is posted from transactions recorded in the general journal.

C
The trial balance provides the primary source document for recording transactions into the general journal

D
Transposition is the transfer of information from the general journal to the general ledger.

Solution

After the transactions are recorded in these journals, a summary of all the transactions is posted in each journal to the general ledger, which contains all of a company's accounts. An account is a separate, detailed record associated with a specific asset, liability, equity, revenue, or expense item.
Question 7
1 / -0

Goods costing Rs.10,000 destroyed as free sample should be credited to

A
Purchase Account

B
Sales account

C
Cash Account

D
Drawing Account

Solution

The journal for goods distributed as free samples is -
Advertisement Expense A/c Dr 10000
To Purchases A/c 10000
Here, purchases account is credited because goods are going out of the business, when goods are brought in the business purchases account is debited, so when goods are going out of the business it is to be credited.
Question 8
1 / -0

Suppose One Dealer has a credit of ' 5/-Lakhs in his Electronic ITC Ledger. That dealer has an interest arrears dues of '6/-Lakhs and Penalty Dues of ' 2/-Lakhs. If so, how much, he has to deposit to settle the above interest and Penalty Dues?

A
3/-Lakhs

B
6/-Lakhs

C
2/-Lakhs

D
8/-Lakhs
Question 9
1 / -0

Ledger is a book of _________.

A
Original entry

B
All cash transactions

C
Secondary entry

D
All non-cash transactions

Solution

Ledger is the book of secondary entry as transactions are recorded in it after being recorded in journal
Question 10
1 / -0

Interest receivable from Mohan ( a Borrower) Account is -

A
An Asset Account

B
A Liability Account

C
A Revenue Account

D
An Expense Account

Solution

Interest receivable from Mohan is an accrued income for the business, it is treated as an Asset.

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Re-Attempt Weekly Quiz Competition

Ledger Test 13

Result

Ledger Test 13

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Rank

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SHARING IS CARING

Question 1

Dr. of bills payable account

Cr. of bills payable account

Cr. of bills receivable account

Dr. of bills receivable account

Solution

Question 2

Principal book

Primary entry book

Third entry book

None of above

Solution

Question 3

Balancing

Posting

Journalizing

None of above

Solution

Question 4

Dr. of bills payable account

Cr. of bills payable account

Cr. of bills receivable account

Dr. of bills receivable account

Question 5

Secondary book of accounts

Principal book of accounts

Subsidiary book of accounts

None of above

Solution

Question 6

The general ledger is a chronological record, of transactions.

The general ledger is posted from transactions recorded in the general journal.

The trial balance provides the primary source document for recording transactions into the general journal

Transposition is the transfer of information from the general journal to the general ledger.

Solution

Question 7

Purchase Account

Sales account

Cash Account

Drawing Account

Solution

Question 8

3/-Lakhs

6/-Lakhs

2/-Lakhs

8/-Lakhs

Question 9

Original entry

All cash transactions

Secondary entry

All non-cash transactions

Solution

Question 10

An Asset Account

A Liability Account

A Revenue Account

An Expense Account

Solution

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