Tag: meaning and importance of ledger

Questions Related to meaning and importance of ledger

Which account is the odd one out?

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. Advance to supplier

  2. Bills Receivable

  3. Debtors

  4. Cash

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Correct Option: D

Which account is the odd one out?

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. Work-in progress

  2. Capital Work-in progress

  3. Technical know-how

  4. Patents

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Correct Option: A

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

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. Rent A/c

  2. Ram

  3. Landlord A/c

  4. Cash A/c

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Correct Option: B
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.

Which account is the odd one out?

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. Interest Received A/c

  2. Interest Receivable A/c

  3. Interest Outstanding A/c

  4. Unaccrued Interest A/c

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Correct Option: A

Cash Embezzlement 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: D

Which account is the odd one out?

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. Land

  2. Building

  3. Furniture

  4. Machinery

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Correct Option: A

The return of goods by a customer should be debited to ________________.

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. Return Outward Account

  2. Carriage Inward Account

  3. Customer's Account

  4. Return Inward Account

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Correct Option: D

Which of the following is a book of original entry and also part of the ledger?

elements of accounts 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. The Journal

  2. The Cash Book

  3. The Purchase Book

  4. The Sales Book

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Correct Option: B

The 'Statement of Affairs' is prepared on the basis of _______________.

elements of accounts 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. Ledger Accounts.

  2. Ledger Accounts and estimates.

  3. Estimates.

  4. None of the above.

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Correct Option: B

Which of the following is not opened in the General Ledger ?

elements of accounts 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. Drawing Account

  2. Land Account

  3. Rent Account

  4. Personal Account of a trade creditor

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Correct Option: D