Tag: ledger and posting

Quizzes (17) Questions (199)

Questions Related to ledger and posting

Multiple choice 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

Provision for Doubtful Debts Account is ________________.

  1. An Asset Account

  2. A Liability Account

  3. A Revenue Account

  4. An Expense Account
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A provision for doubtful debts is a contra-asset account. It is deducted from the gross amount of accounts receivable to show the net realizable value.

Multiple choice 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

Loan to Ramesh Account is ______________.

  1. An Asset Account

  2. A Liability Account

  3. A Revenue Account

  4. An Expense Account
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A loan given to another party (Ramesh) is a receivable for the business. Since it represents a future economic benefit, it is classified as an asset.

Multiple choice 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

Account Receivable Account is _______________.

  1. An Asset Account

  2. A Liability Account

  3. A Revenue Account

  4. An Expense Account
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Accounts receivable represent money owed to the business by customers for goods or services provided on credit. This is a current asset.

Multiple choice 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

Which account is the odd one out?

  1. Furniture

  2. Building

  3. Machinery

  4. Stock of Materials
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Furniture, Building, and Machinery are fixed assets. Stock of Materials is a current asset, making it the odd one out.

Multiple choice 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

Which account is the odd one out?

  1. Advance in Suppliers A/c

  2. Advance from Customers A/c

  3. Provision for Doubtful Debts A/c

  4. Provision for Depreciation A/c
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Advance in suppliers, advance from customers, and provision for doubtful debts are all related to external parties or receivables. Provision for depreciation is a contra-asset account specifically related to fixed assets.

Multiple choice 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

Which account is the odd one out?

  1. Creditors

  2. Stock of Raw-materials

  3. Debtors

  4. Stock of Finished Goods
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Stock of raw materials, debtors, and stock of finished goods are all assets. Creditors are a liability, making them the odd one out.

Multiple choice 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

Which account is the odd one out?

  1. Ram's A/c

  2. Ram & Sons A/c

  3. Ram & Sons Ltd A/c

  4. ICICI Bank A/c
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Ram's account is a personal account of an individual. Ram & Sons, Ram & Sons Ltd, and ICICI Bank are all legal entities or artificial persons.

Multiple choice 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

Loan from Mahesh Account is ______________.

  1. An Asset Account

  2. A Liability Account

  3. A Revenue Account

  4. An Expense Account
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A loan taken from someone is an obligation to repay, which constitutes a liability for the business.

Multiple choice 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

Which account is the odd one out?

  1. Interest A/c

  2. Outstanding Interest A/c

  3. Advance Interest A/c

  4. Accrued Interest A/c
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Outstanding, advance, and accrued interest are all representative personal accounts (accruals/deferrals). Interest account is a nominal account.

Multiple choice 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

Bank Interest charged Account is ________________.

  1. An Asset Account

  2. A Liability Account

  3. A Revenue Account

  4. An Expense Account
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Bank interest charged is a cost incurred by the business for using banking services, thus it is an expense.