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Ledger Test 2

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Ledger Test 2
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Weekly Quiz Competition
  • Question 1
    1 / -0
    If some goods from business are given away as charity to a particular person or institution, it should be ____________.
    Solution
    Any goods which is moved from the business to be recorded in books of account. Goods given as charity to be debited to charity account and credited to purchases account.
  • Question 2
    1 / -0
    Which of the following books serves both as journal and ledger?
    Solution
    Cash book is a book which contains records about the receipt and payments of the firm. It also deals with all the bank deposits as well as withdrawals made. Entries in the cash book made are posted into general ledger so that cash in hand or cash at bank can be ascertained. It is the same as journal and then posting into ledger. Hence, cash book serves both as journal and ledger.
  • Question 3
    1 / -0
    When Accounts in the ledger are balanced ?
    Solution
    The ledger account are periodically balanced at the end of the accounting period, with the object of ascertaining the net position of each amount. Balancing of an account means  that two sides are totalled and the difference between them is shown on the side, which is shorter in order to make their totals equal.
  • Question 4
    1 / -0
    __________ is a summary of all transactions relating to particular account.
    Solution
    Ledger is the principal book of accounts. Journal is kept only to facilitate for passing the entries. All entries which are passed in journal are posted in ledger. For every account , a separate ledger is opened. Ledger is a summary of all transactions relating to a particular account.
  • Question 5
    1 / -0
    Bought ledger adjustment account is also termed as _______________.
    Solution
    Creditors or Purchases or Bought Ledger: It contains personal accounts of trade creditors from whom goods are purchased on credit.
  • Question 6
    1 / -0
    The main books of accounts in a business is ____________.
    Solution
    The book of original entry or prime entry is journal in which all day to day transactions are recorded. All the transactions from journal are posted to ledger which consists of different accounts on the basis of transactions recorded in journal. 
    Hence, it is regarded as the second important stage in the accounting process and also considered as the main books of account.
  • Question 7
    1 / -0
    The second important stage in the accounting process is______.
    Solution
    The book of original entry or prime entry is journal in which all day to day transactions are recorded. All the transactions from journal are posted to ledger which consists of different accounts on the basis of transactions recorded in journal. Hence, it is regarded as the second important stage in the accounting process.
  • Question 8
    1 / -0
    Debit and credit items from the journal are transferred to the respective accounts in the __________.
    Solution
    All the accounting transactions are first recorded in journal in chronological order. These journal entries are to be transferred to individual account opened in ledger. All the debit and credit items to be transferred to individual ledger account.
  • Question 9
    1 / -0
    A sale of goods to Vaibhav for cash should be debited to ___________.
    Solution
    Goods sold to Vaibhav for cash affect two account, i.e. cash and goods which are real account. Rule of real account defines that "debit whats comes in and credit what goes out".
    In the given transaction, cash is coming in business hence cash account should be debited by crediting the goods account. 
  • Question 10
    1 / -0
    In order to determine the amount of sales, to which of the following records one should refer?
    Solution
    Sales account shows the total sales done by the organization in a particular period. This may have cash sales and credit sales both.
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