Tag: ledger and posting

Questions Related to ledger and posting

What is uncommon in ledger?

elements of book keeping and accountancy ledger and posting explain the concept of ledger and its importance in accounting process. introduction to ledgers ledgers

  1. Name of the accounts used in journal are different from ledger

  2. Account which is credited in journal debited in ledger

  3. Both a & b

  4. None of the above

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Correct Option: C

Book of analytical record is ___________.

elements of book keeping and accountancy ledger and posting explain the concept of ledger and its importance in accounting process. introduction to ledgers ledgers

  1. Balance sheet

  2. Journal

  3. Ledger

  4. All of the above

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Correct Option: C

This is NOT the function of ledger.

elements of book keeping and accountancy ledger and posting explain the concept of ledger and its importance in accounting process. introduction to ledgers ledgers

  1. To classify all the items

  2. To put all the items at application accounts

  3. Both a & b

  4. None of the above

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Correct Option: D

The information that is not provided in the ledger is a _______________.

elements of book keeping and accountancy ledger and posting explain the concept of ledger and its importance in accounting process. introduction to ledgers ledgers

  1. Information regarding debtors

  2. Every information is provided with narration

  3. Information regarding creditors

  4. Information regarding purchases

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Correct Option: B

Function of the ledger is _____________.

elements of book keeping and accountancy ledger and posting explain the concept of ledger and its importance in accounting process. introduction to ledgers ledgers

  1. to calculate the total debit and credit of the company

  2. to prepare the summary of each account

  3. to record all the transactions in a period.

  4. All of the above

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Correct Option: B

If there is a debit balance in ledger accounts than ___________.

elements of book keeping and accountancy ledger and posting explain the concept of ledger and its importance in accounting process. introduction to ledgers ledgers

  1. debit side of an account exceeds the credit side

  2. credit side of an account exceeds the debit side

  3. total of the debit side is more

  4. both a & c

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Correct Option: A

Ledger is a book of _________.

elements of book keeping and accountancy ledger and posting explain the concept of ledger and its importance in accounting process. introduction to ledgers ledgers

  1. original entry

  2. all cash transactions

  3. secondary entry

  4. all non-cash transactions

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Correct Option: B

Cash book is a form of _____________.

elements of book keeping and accountancy ledger and posting explain the concept of ledger and its importance in accounting process. introduction to ledgers ledgers

  1. Trial balance

  2. Ledger

  3. Journal

  4. All of the above

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Correct Option: B

Ledger is an account book in which ______________.

elements of book keeping and accountancy ledger and posting explain the concept of ledger and its importance in accounting process. introduction to ledgers ledgers

  1. only real accounts are opened

  2. only real and personal accounts are opened

  3. all the real, personal and nominal accounts are opened

  4. None of the above

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Correct Option: C
Explanation:

Business transactions are first entered in Journal or Special Purpose Subsidiary Books. The next step is to transfer the entries to respective accounts in ledger. In other word, all entries recorded in journal or special purpose subsidiary books are classified and in order to ascertain the position of a particular account, all transactions relating to that particular account are collected at one place in the ledger. In short, a ledger is a book which contains all accounts of the business enterprise whether Real, Personal or Nominal. Ledger is called the "Principal Book'. It is also called the book of final entry because the transactions which are first entered in journal or subsidiary books are finally incorporated in the ledger.

Loose-Leaf Ledgers are also known as _____________.

elements of accounts ledger and posting explain the concept of ledger and its importance in accounting process. introduction to ledgers ledgers

  1. Impersonal Ledgers

  2. Personal Ledgers

  3. Perpetual Ledgers

  4. None of the above

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Correct Option: C