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

Which account is the odd one out?

  1. Goodwill A/c

  2. Patents A/c

  3. Technical know-how A/c

  4. Work-in progress
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Goodwill, patents, and technical know-how are intangible assets. Work-in-progress is a current asset (inventory).

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 odd one out?

  1. Provision for Doubtful Debts A/c

  2. Provision for Discount on Debtors A/c

  3. Reserve for Discount Creditors A/c

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

The first three are provisions/reserves related to debtors or creditors. Provision for depreciation is 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. Bad Debts Account

  2. Bad Debts Recovered Account

  3. Goods destroyed by fire A/c

  4. Embezzlement A/c
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Bad debts, goods destroyed by fire, and embezzlement are all losses/expenses. Bad debts recovered is a gain or income.

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

Income Tax Liability of a Proprietor paid should be debited to ________.

  1. Income Ta Account

  2. Drawing Account

  3. Income Tax Payable Account

  4. Business Expenses Account
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Income tax is a personal expense of the proprietor. When paid by the business, it is treated as a drawing.

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 to supplier

  2. Bills Receivable

  3. Debtors

  4. Cash
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Advance to supplier, bills receivable, and debtors are all receivables (assets). Cash is a liquid asset, but the others are specifically receivables.

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. Work-in progress

  2. Capital Work-in progress

  3. Technical know-how

  4. Patents
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Work-in-progress is a current asset (inventory). Capital work-in-progress, technical know-how, and patents are non-current/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

Rent paid to Ram (landlord), it should be credited to __________.

  1. Rent A/c

  2. Ram

  3. Landlord A/c

  4. Cash A/c
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The accounting entry will be :

Rent A/c   Dr.     
  To Ram   A/c
(Being rent paid to ram)
  • Here Rent paid will be credited in Ram's 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

Which account is the odd one out?

  1. Interest Received A/c

  2. Interest Receivable A/c

  3. Interest Outstanding A/c

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

Interest received is a nominal account (revenue). The others are representative personal accounts (accruals/deferrals).

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

Cash Embezzlement 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

Cash embezzlement is a loss to the business, which is recorded as an expense.

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. Land

  2. Building

  3. Furniture

  4. Machinery
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Land is a non-depreciable fixed asset. Building, furniture, and machinery are all depreciable fixed assets.