Ledger Test 7

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Ledger Test 7

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Weekly Quiz Competition

Question 1
1 / -0

Which of these expenses is/are capitalized.

A
Custom duty

B
Installation expenses

C
Provision for doubtful debts

D
Transportation expenses
Question 2
1 / -0

Which method of inventory valuation will report high value of closing stock when prices are rising?

A
LIFO

B
FIFO

C
Base price

D
Standard Cost
Question 3
1 / -0

Which of these account(s) is/are never closed

A
Salary A/c

B
Debtors A/c

C
Purchase A/c

D
Sales A/c

Solution

Debtors A/c is never closed as it is a asset account.
All the Expenses and Income Accounts are closed at the end of the financial year. The balance of expenses or income accounts are transferred to Profit and loss A/c. But the balance of Asset account is shown in the balance sheet therefore, it is carried forward to next accounting year.
Question 4
1 / -0

Capital expenditure is generally intended to benefit __________.

A
More than one accounting year

B
More than $$6$$ month

C
Limited to $$6$$ month

D
Benefit expires within the same accounting year
Question 5
1 / -0

When prices are increasing continuously, which method of inventory valuation show lower value of closing inventory ___________.

A
FIFO

B
LIFO

C
Weighted average

D
Average
Question 6
1 / -0

suspense A/c can have

A
Only credit balance

B
Only debit balance

C
Any balance

D
No balance
Question 7
1 / -0

Balance of petty cash book is posted to ledger ______________.

A
In the cash account

B
In the bank A/c

C
Nowhere

D
Either (a) or (b).

Solution

A petty cash book is a ledger kept with the petty cash fund to record amounts that are added to or subtracted from its balance. Petty cash should be part of an overall business accounting system that documents how your business moves funds between one account and another and how it spends its money.
Question 8
1 / -0

Total of Bills Payable Book is posted to the ledger ___________.

A
on the debit side of bills payable A/c

B
on the credit side of bills payable A/c

C
Either (a) or (b)

D
None of the above

Solution

The total of “Bills Payable Book” shows the total amount of bills accepted, which is posted on the Credit side of “Bills Payable Account”. Bills Payable are liability for business. Thus, show credit balance.
Question 9
1 / -0

How many column are found in a ledge......

A
6

B
5

C
8

D
2

Solution

Ledger is known as the book of Principal Entry
The ledger has 8 columns.
The ledger is divided into 2 sides i.e., the Debit side and the credit side.
Each side has 4 columns namely - Date, Particulars, JF, Amount.
Question 10
1 / -0

Choose the True statement.

A
Accumulated depreciation A/c is never transferred to profit and loss A/c

B
Depreciation is the process of valuation of an Asset

C
All the fixed assets necessarily suffers depreciation

D
Non-charging of depreciation is a criminal offence

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Re-Attempt Weekly Quiz Competition

Ledger Test 7

Result

Ledger Test 7

Score

-

Rank

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SHARING IS CARING

Question 1

Custom duty

Installation expenses

Provision for doubtful debts

Transportation expenses

Question 2

LIFO

FIFO

Base price

Standard Cost

Question 3

Salary A/c

Debtors A/c

Purchase A/c

Sales A/c

Solution

Question 4

More than one accounting year

More than $$6$$ month

Limited to $$6$$ month

Benefit expires within the same accounting year

Question 5

FIFO

LIFO

Weighted average

Average

Question 6

Only credit balance

Only debit balance

Any balance

No balance

Question 7

In the cash account

In the bank A/c

Nowhere

Either (a) or (b).

Solution

Question 8

on the debit side of bills payable A/c

on the credit side of bills payable A/c

Either (a) or (b)

None of the above

Solution

Question 9

6

5

8

2

Solution

Question 10

Accumulated depreciation A/c is never transferred to profit and loss A/c

Depreciation is the process of valuation of an Asset

All the fixed assets necessarily suffers depreciation

Non-charging of depreciation is a criminal offence

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