Ledger Quiz-1
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Ledger Quiz-1
Quiz
- From which of the following is a ledger account prepared.
- Transactions
- Events
- Journal
- None of the above
- If the total of the debit side exceeds the total of the credit side, the ledger account is said to have a:
- Debit balance
- Credit balance
- Surplus balance
- Normal balance
- The process of finding out the balance of a ledger account is known as:
- Posting
- Calculation
- Investigation
- Balancing
- Which one of the following is known as the king of all books of accounts?
- General journal
- Cash book
- General ledger
- Business book
- A ledger is called a book of.
- Primary entry
- Original entry
- Final entry
- None of the above
- If an account has a credit balance, it means:
- Both debit and credit sides are equal
- Total of credit side exceeds total of debit side
- Total of debit side exceeds total of credit side
- None of the above
- Which of the following correctly represents the sequence of the accounting cycle?
- Journal entry > transaction analysis > ledger account
- Transaction analysis > journal entry > ledger account
- Transaction analysis > journal entry > trial balance
- Transaction analysis > trial balance > ledger account
- The ledger column that links the entry with the journal is called as.
- J.F column
- L.F column
- Credit column
- Debit column
- In a ledger account, if total of the debit side is equal to the total of the credit side, the account is said to have a:
- Expected balance
- Normal balance
- Credit balance
- Zero balance
- How many transactions are affected in a transaction?
- only one
- only two
- At least two
- Two or three
- Ledger is a principal book that contains.
- Real accounts only
- Personal accounts only
- All accounts
- Nominal accounts only
- Which of the following item will be appearing on the credit side of the ledger account?
- Purchases
- Rent Expenses
- Cash received
- Discount received
- What is a ledger?
- A ledger is a book that contains accounts that consisting of records of transactions taking place in the business.
- A ledger is also known as the book of final entry or principal book of accounts.
- It is a book where all transactions related to the ledgers are posted.
- All of the above
- Ledger is a principal book in which?
- Only real account are kept
- Only personal accounts are kept
- All accounts are kept
- Only nominal accounts are kept
- Which of the following accounts is expected to have a debit balance?
- Assets
- Expenses
- Losses
- All of the above
- The function of the ledger is:
- Recording
- Classification
- Summarization
- Interpretation
- The left hand side of the ledger account is referred to as.
- Footing
- Credit side
- Debit side
- Balance
- Ledger is a principal book that contains:
- Accounts of all assets, liabilities, equity, income, and expenses.
- The ledger is a comprehensive record of all the accounts of a business.
- It includes accounts for all assets, liabilities, equity, income, and expenses.
- None of the above
- In a ledger account, the difference between the total of the debit side and the total of the credit side is known as the:
- Deficit
- Debit balance
- Balance
- Credit balance
- The process of transferring of items from a journal to their respective ledger accounts is called as:
- Entry
- Posting
- Arithmetic
- Balancing
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