Tag: ledger and posting

Questions Related to ledger and posting

Advance to an Employee Account is _______________.

elements of book keeping and accountancy ledger and posting develop the understanding for posting of transactions and balancing of accounts classification of ledger (subdivision of ledger) and balancing of account meaning and importance of ledger

  1. An Asset Account

  2. A Liability Account

  3. A Revenue Account

  4. An Expense Account

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Correct Option: A

Advance from a Customer Account is _______________.

elements of book keeping and accountancy ledger and posting develop the understanding for posting of transactions and balancing of accounts classification of ledger (subdivision of ledger) and balancing of account meaning and importance of ledger

  1. An Asset Account

  2. A Liability Account

  3. A Revenue Account

  4. An Expense Account

Show answer
Correct Option: B

M/s Ram & Sons Ltd's Account (a customer) is _______________.

elements of book keeping and accountancy ledger and posting develop the understanding for posting of transactions and balancing of accounts classification of ledger (subdivision of ledger) and balancing of account meaning and importance of ledger

  1. An Asset Account

  2. A Liability Account

  3. A Revenue Account

  4. An Expense Account

Show answer
Correct Option: A

Interest receivable from Mohan ( a Borrower) Account is -

elements of book keeping and accountancy ledger and posting develop the understanding for posting of transactions and balancing of accounts classification of ledger (subdivision of ledger) and balancing of account meaning and importance of ledger

  1. An Asset Account

  2. A Liability Account

  3. A Revenue Account

  4. An Expense Account

Show answer
Correct Option: A
Explanation:

Interest receivable from Mohan is an accrued income for the business, it is treated as an Asset.

Advance Salary to Shyam Account is _______________.

elements of book keeping and accountancy ledger and posting develop the understanding for posting of transactions and balancing of accounts classification of ledger (subdivision of ledger) and balancing of account meaning and importance of ledger

  1. An Asset Account

  2. A Liability Account

  3. A Revenue Account

  4. An Expense Account

Show answer
Correct Option: A

Prepaid Salary Account is ______________.

elements of book keeping and accountancy ledger and posting develop the understanding for posting of transactions and balancing of accounts classification of ledger (subdivision of ledger) and balancing of account meaning and importance of ledger

  1. An Asset Account

  2. A Liability Account

  3. A Revenue Account

  4. An Expense Account

Show answer
Correct Option: A

Trade Marks Account is _______________.

elements of book keeping and accountancy ledger and posting develop the understanding for posting of transactions and balancing of accounts classification of ledger (subdivision of ledger) and balancing of account meaning and importance of ledger

  1. An Asset Account

  2. A Liability Account

  3. A Revenue Account

  4. An Expense Account

Show answer
Correct Option: A

Goodwill Account is _______________.

elements of book keeping and accountancy ledger and posting develop the understanding for posting of transactions and balancing of accounts classification of ledger (subdivision of ledger) and balancing of account meaning and importance of ledger

  1. An Asset Account

  2. A Liability Account

  3. A Revenue Account

  4. An Expense Account

Show answer
Correct Option: A

Technical know how Account is _________________.

elements of book keeping and accountancy ledger and posting develop the understanding for posting of transactions and balancing of accounts classification of ledger (subdivision of ledger) and balancing of account meaning and importance of ledger

  1. An Asset Account

  2. A Liability Account

  3. A Revenue Account

  4. An Expense Account

Show answer
Correct Option: A

Ram's Drawings Account is _______________.

elements of book keeping and accountancy ledger and posting develop the understanding for posting of transactions and balancing of accounts classification of ledger (subdivision of ledger) and balancing of account meaning and importance of ledger

  1. An Asset Account

  2. A Liability Account

  3. A Revenue Account

  4. A Capital Account

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Correct Option: D