Ledger Test 9

Result

Ledger Test 9

Score
-
out of -
Rank
-
out of -

TIME Taken - -

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Weekly Quiz Competition

Question 1
1 / -0

L.F. (i.e., Ledger Folio) column in the journal is filled at the time of _________.

A
journalising

B
balancing

C
posting

D
casting

Solution

Ledger Folio , abbreviated as L.F., is a column in the journal where in the page number of the ledger book on which the relevant account appears is recorded. In the journal, this column is filled up at the time of posting and not at the time of making journal entry.
Question 2
1 / -0

Payment of Rs. 6,000 as wages to workmen for installation of a machine should be debited to _________.

A
Wages A/c

B
Repairs A/c

C
Machinery A/c

D
Cash A/c

Solution

Machinery is a permanent asset of the business and can be used for many years but it will benefit to the business until it is installed at a proper place. Also any expense made in connection to fixed asset before commencement of business is regarded as capital expenditure, which means the respective expenses would be debited to fixed asset A/c. Therefore, payment of Rs. 6,000 as wages to workmen for installation of a machine should be debited to machinery A/c.
Question 3
1 / -0

Posting means the recording of a transaction _____________.

A
In any two accounts.

B
On the debit side of an account related to that transaction.

C
On the credit side of an account related to that transaction.

D
On the proper side of two accounts related to that transaction.

Solution

Posting is the transfer of journal entries to a general ledger, which usually contains a separate form for each account. Journals record transactions in chronological order, while ledgers summarize transactions by account. Posting in accounting consists of a few simple steps.
Question 4
1 / -0

Posting refers to the process of transferring information from _________.

A
journal to ledger accounts

B
general ledger accounts to journals

C
source documents to journals

D
journals to source documents

Solution

Posting is the process of transferring the entries from the book of original entry (journal) to the ledger. In other words, posting means grouping of all the transactions in respect to a particular account at one place for meaningful conclusion and for further accounting process. Posting from the journal is done periodically, may be, weekly or fortnightly or monthly as per the requirements and convenience of the business.
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 the above

Solution

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

Which of the following transactions is not posted in the Cash Book?

A
Withdrew from bank for business purpose

B
Withdrew from bank for personal use

C
Withdrew cash for personal use.

D
Credit Sales

Solution

In Cash Book, all the cash related transactions are posted.
There are mainly 4 types of Cash Book
1. Single Column Cash Book
2. Double Column Cash Book
3. Three Column Cash Book
4. Petty Cash Book
In the Double column cash book, all cash and bank-related transaction are recorded.
Option D is a non-cash transaction therefore it is not recorded in the Double Column Cash Book.
Question 7
1 / -0

Which of the following accounts will not show a Debit balance?

A
Sales Account

B
Machinery Account

C
Salary Account

D
Purchase Account

Solution

The account Sales is credited because a corporation's sales of products will cause its stockholders equity to increase. A sole proprietorship's sales will cause the owners equity to increase.The Sales account is used in order to keep a tally of the sales made during an accounting year.
However, when the accounting year is completed, the credit balance will be moved via closing entries to the corporation's retained earnings account or in case of a sole proprietorship, to the owner's capital account.
Question 8
1 / -0

_________ is the principal book of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded.

A
Ledger

B
Journal

C
Purchases returns books

D
Sales book

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 9
1 / -0

In the Sale or Return Ledger _________________.

A
All the customers are individually debited and the sale or return account is credited with the periodical total of the Sale or Return Day Book.

B
All the customers are debited in total and the sale or return account is credited with the periodical total of the Sale or Return Day Book.

C
All the customers are individually debited and the sale or return account is also credited with the individual total of the Sale or Return Day Book.

D
Any one of the above
Question 10
1 / -0

If the total of debit side of an account exceeds the total of its credit side, it indicates ______________.

A
Debit balance

B
Credit balance

C
Either (a) or (b)

D
Neither (a) nor (b)

Solution

A ledger account can have both debit or a credit balance which is determined by which side of the account is greater than the other. While preparing an account if the debit side is greater than the credit side, the difference is called "Debit Balance".

User

Question Analysis

Correct -
Wrong -
Skipped -

My Perfomance

Score
-
out of -
Rank
-
out of -

Re-Attempt Weekly Quiz Competition

Ledger Test 9

Result

Ledger Test 9

Score

-

Rank

-

SHARING IS CARING

Question 1

journalising

balancing

posting

casting

Solution

Question 2

Wages A/c

Repairs A/c

Machinery A/c

Cash A/c

Solution

Question 3

In any two accounts.

On the debit side of an account related to that transaction.

On the credit side of an account related to that transaction.

On the proper side of two accounts related to that transaction.

Solution

Question 4

journal to ledger accounts

general ledger accounts to journals

source documents to journals

journals to source documents

Solution

Question 5

secondary book of accounts

principal book of accounts

subsidiary book of accounts

none of the above

Solution

Question 6

Withdrew from bank for business purpose

Withdrew from bank for personal use

Withdrew cash for personal use.

Credit Sales

Solution

Question 7

Sales Account

Machinery Account

Salary Account

Purchase Account

Solution

Question 8

Ledger

Journal

Purchases returns books

Sales book

Solution

Question 9

All the customers are individually debited and the sale or return account is credited with the periodical total of the Sale or Return Day Book.

All the customers are debited in total and the sale or return account is credited with the periodical total of the Sale or Return Day Book.

All the customers are individually debited and the sale or return account is also credited with the individual total of the Sale or Return Day Book.

Any one of the above

Question 10

Debit balance

Credit balance

Either (a) or (b)

Neither (a) nor (b)

Solution

User

Question Analysis

My Perfomance

Score

-

Rank

-

Results Announcement on: coming Monday

Stay Tuned: We’ll update you on your result via email or SMS.