Tag: ledger and posting

Questions Related to ledger and posting

In the Sale or Return Ledger _________________.

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

  1. 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.

  2. 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.

  3. 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.

  4. Any one of the above

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Correct Option: A

Sale or Return Day Book and Sale or Return Ledger are known as ______________.

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

  1. Principal Books

  2. Subsidiary Books

  3. Memorandum Books

  4. None of these

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Correct Option: C

Ledger is the ______ of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded. 

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

  1. Principal book

  2. Primary entry book

  3. Third entry book

  4. None of above

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Correct Option: A

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

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

  1. Ledger

  2. Journal

  3. Purchases return books

  4. Sales book

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Correct Option: A

Which is recorded in the purchases ledger?

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

  1. Cash paid to a creditor

  2. Cash purchases

  3. Cheque received from a debtor

  4. Purchase of fixed assets

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Correct Option: A

Which ONE of the following, in a classified form, contains permanent records of all transactions?

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

  1. Cash Book

  2. Sales Day Book

  3. Journal

  4. Ledger

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Correct Option: D

Which of the following is not a book of prime entry?

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

  1. Cash book

  2. Returns Inwards Day Book

  3. The Petty Cash Book

  4. The Ledger

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Correct Option: D

Ledger is book for _____________.

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

  1. Analytical record

  2. Chronological record

  3. Alphabetical record

  4. None of above

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Correct Option: B
Explanation:

A ledger is an accounting book that facilitates the transfer of all journal entries in a chronological sequence to individual accounts. The process of recording journal entries into the ledger is called posting.

Process of recording transaction in ledger is known as ____________.

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

  1. Balancing

  2. Posting

  3. Journalizing

  4. None of above

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Correct Option: B

Which of the following transactions is not posted in the ledger?

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  1. Withdrew from bank for business purpose

  2. Withdrew from bank for personal use

  3. Withdrew cash for personal use.

  4. Cash paid to creditor.

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Correct Option: A