(b) Identifying the transaction The term 2/10-n/30 implies that ______ % discount will be given if the payment is made within _____ days or full amount is receivable within 30 days Journal C. Ledger D. Trial Balance. (c) Cash account Page 1. 42. November 24, 2018 February 16, 2016 by Abbas Ahmad February 16, 2016 by Abbas Ahmad The closing balance of petty cash book is considered as A 7. d) None of these. (c) Description column D. None of these. (a) Receipts 23. A ledger is called a book of (a) Primary entry (b) Secondary entry (c) Final entry (d) None of the above 2. Payment of rent expenses is recorded on which side of cash book? (d) Discount account, 16. Answer: b. (d) None of them, 28. (d) At the end of every accounting period, 49. (a) accounts receivable subsidiary ledger (b) Journalizing A 7. In which of the following orders data is entered in journal? Cash book is prepared by A cash book that is used to record the small payments of cash is generally referred as. (d) Assets – Owner’s Equity/Capital = Liabilities, 12. 39. July 1 st: Ramu started business with a capital of 75,000 : 1 st: Purchased goods from Manu on credit 25,000 : 2 nd: Sold goods to Sonu 20,000 : 3 rd: Purchased goods from Meenu 15,000 : 4 … 2 Ledger accounts and the division of the ledger In most business entities each class of transaction and their associated ... Journal. 8. We have provided Bank Reconciliation Statement Class 11 Accountancy MCQs Questions with Answers to help students understand the … B. (a) Bank In which of the following orders data is entered in journal? B 6. 3 Accepted bill drawn by X and Co. 20,000. 2. 0. Posting is the process of_____? A chart of accounts generally start with which of the following types of accounts? July 27, 2019. (a) Every day The standard format of journal does not include which of the following? The correct answer is “increase or decrease in account” (option 3). Arun is a trader dealing in automobiles. The process of recording transactions in different journals is called Which of the following is generally not the party to a check? (b) Payments (b) Payments (c) Return inward account (d) Cash reserve, 47. hs.src = ('//s10.histats.com/js15_as.js'); Introduction capital by owner of business is recorded on which side of a cash book? Which of the following accounts is expected to have a debit balance? (d) Cash account, Check Also: PROFESSIONAL TEST MCQs (Set-1) for the Post of Senior Auditor, 37. (c) Expenses 33. A book wherein various accounts are opened is called----- a) Subsidiary books. (b) Payer (c) Loss of business Journals are also referred as Check the below NCERT MCQ Questions for Class 11 Accountancy Chapter 6 Trial Balance and Rectification of Errors with Answers Pdf free download. (b) Bank balance You have to finish following quiz, to start this quiz: Which one of the following is known as the king of all books of accounts? d) All the three. (b) Sales account (b) Cash book (c) Accounts receivable (c) Incomes Which of the following transactions is not recorded in the cash receipts journal? Multiple Choice Questions: Multiple Choice Questions This activity contains 62 questions. 3. If the total of debit side exceeds the total of credit side, the ledger account is said to have a: Your answer is incorrect. var _Hasync= _Hasync|| []; (d) Account, 10. 0. (a) Drawings (b) Payments (d) Stock, Check Also: Financial Planning & Financial Management MCQs | for FPSC Senior Auditor Posts, 24. (a) Cash 37. 49. (d) Expenditures, 33. (a) Alphabetical order (b) Numeric order In accounting, the term credit is usually abbreviated as: Your answer is incorrect. The correct answer is “posting” (option 2). (d) Generic, 13. Discount received is recorded on which of the following side of a cash book? Drawings by owner of business are generally recorded on which of the following side of a cash book? Check the below NCERT MCQ Questions for Class 11 Accountancy Chapter 5 Bank Reconciliation Statement with Answers Pdf free download. Where would a debit posted to accounts payable in the general ledger come from? (c) Day book (b) Prompt payment discount (c) Cash accounts (b) Assets = Liabilities + Owner’s Equity/Capital The correct answer is ” debit balance” (option 1). Transferring information from journal to ledger is known as: Your answer is incorrect. (a) Receipts (b) Payments The correct answer is “debit side” (option 2). (d) Journals, 22. (c) Building account Usually, what asset account in a company’s ledger is the most liquid? Hence you can not start it again. August 2, 2020 by Sunny Sudan. (d) general ledger, 9. (a) Receipts (A) Journalizing, final accounts, posting to the ledger and trial balance (B) Journalizing, posting to the ledger, trial balance and final accounts (C)Posting to the ledger, trial balance, final accounts and journalizing (D)Posting to the ledger, journalizing, final accounts and trial balance ANSWERS 1. at the bottom of the purchase order for the signature of the person placing the order. LEDGER Ledger Definition: Ledger implies the principal books of accounts, wherein all accounts, i.e. (c) Payment entry (a) petty cash A non-zero balance of a ledger account represents: Your answer is incorrect. 50,000. (b) Every half year Which of the following accounts will be credited if a company purchases building for cash? Discount for quick repayment of debt is normally referred as, 38. A simple or one column cash book usually has which of the following main columns? (a) Ckeque What is a firm’s payment to a supplier for merchandise inventory recorded in? _________ is the evidence that a transaction took place During September the following transactions take place: $ D 3. Balance c/d B. (c) Manager of a company Difficulty Rating: (a) Bank balance A journal entry in which two or more account is debited or credited is referred as Discount allowed is a kind of deduction from, 17. (d) General ledger, 11. (a) accounts receivable subsidiary ledger 6. The correct answer is “balancing” (option 4). Prepared by teachers of the best CBSE schools in India. (c) Discount How we can pass the journal entry by: Anonymous How we can pass the journal entry for this question: 1.On 01.11.2019 bought a delivery Van of Rs.4,00,000 from Eram Motors on the following terms: Down payment paid to Eram Motors Rs. The correct answer is “zero balance” (option 4). (c) Incomes (c) Cash receipt Where are amounts owed by customers for credit purchases found? B 6. 1. (c) Bank (c) Special journal 10. The correct answer is “total of credit side exceeds the total of debit side” (option 3). (b) liability accounts A journal entry is mostly recorded in a general ledger. 16. (d) Infinite, 15. A. Just click the “start quiz” button and start general ledger MCQs quiz. (b) sales journal (d) Expenditures, 46. Read more about this Mcq. (a) Expense of business debit credit balance A 4. A ____ lists each of the accounts in the general ledger with its balance as of a particular date. Save my name, email, and website in this browser for the next time I comment. B Profit & loss and trial balance. The first step in accounting process is. Your answer is incorrect. A credit balance in cash book indicates Accounting Multiple Choice Questions with answers | Download PDF for MCQs | Ledger. (c) Incomes (c) 10,30 B 9. (c) Three (d) sale of equipment for cash, Check Also: Principles of Business & Financial Management MCQs, 6. A. (b) Multi entry Page: 2/5 . (d) Cash book, 17. _Hasync.push(['Histats.start', '1,3926547,4,408,270,55,00011111']); Record them into the journal and show postings in the ledger and balance the accounts. (b) Cash at bank c) Entering in the ledger the information contained in the ledger. Sample Midterm Exam: Accounting 1 1) A summary of the ledger that lists the accounts and their balances, in which the (d) At the end of a accounting period, 2. The correct answer is “all of the above” (option 4). (c) Bonds (c) Business MCQ Questions for Class 11 Accountancy with Answers were prepared based on the latest exam pattern. View Test Prep - MCQ.pdf from ACCOUNTING MGMT 5016 at St Lawrence High School. (d) Purchases, 23. We write simple, Stress-free language to understand articles. Which of the following accounts will be credited if a company purchases building for cash? (d) Expenses account, 20. (b) 10,2 (a) One (d) Compound entry, 18. (A) Journalizing, final accounts, posting to the ledger and trial balance (B) Journalizing, posting to the ledger, trial balance and final accounts (C)Posting to the ledger, trial balance, final accounts and journalizing (D)Posting to the ledger, journalizing, final accounts and trial balance ANSWERS 1. Goods returned by customer should be debited to which of the following accounts? 3. What is a firm’s payment to a supplier for merchandise inventory recorded in? A ledger is called a book of. The closing balance of petty cash book is considered as. Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use? Correct answer: (D) Transaction, source document, journal entry, ledger account, trial balance. (b) Prompt (c) Frequently during the accounting period There is also a space for a person to indicate that the order has been reviewed and 50. A cash book that is used to record the small payments of cash is generally referred as The process of finding out the balance of a ledger account is known as: Your answer is incorrect. These MCQs can help you to prepare for your exams, interviews and different tests. (b) Payments A credit balance in cash book indicates, Please Share your comments using Facebook ID, FPSC CSS Past Papers 2017 | Download in PDF, Principles of Business & Financial Management MCQs, Financial Planning & Financial Management MCQs | for FPSC Senior Auditor Posts, PROFESSIONAL TEST MCQs (Set-1) for the Post of Senior Auditor, Daily Top-20 MCQs for CSS, PMS, PCS, FPSC (Set-18), Daily Top-20 MCQs for CSS, PMS, PCS, FPSC (Set-17), Daily Top-20 MCQs for CSS, PMS, PCS, FPSC (Set-16), Daily Top-20 MCQs for CSS, PMS, PCS, FPSC (Set-15), Daily Top-20 MCQs for CSS, PMS, PCS, FPSC (Set-14), Daily Top-20 MCQs for CSS, PMS, PCS, FPSC (Set-13), Cost Accounting MCQs (Set-II) | for FPSC and all other One Paper MCQs Tests. How to measure the acquisition cost of property, plant and equipment? If you find difficulty in answering these questions, read ‘General Ledger‘ chapter thoroughly from explanation section of the website. Usually, what asset account in a company’s ledger is the most liquid? (b) Fixed assets account General journal is a book of _______ entries (d) Amount column, 26. Which of these is not a special purpose journal a) Cash journal. C 8. MCQ Questions for Class 11 Accountancy with Answers were prepared based on the latest exam pattern. 3. (d) Bulk discount, 38. Postdated checks are considered as Government and continuous audit. Where are amounts owed by customers for credit purchases found? (a) Two times a year 15. A. Statutory and private. ASSIGNMENT- 5 TOPIC – JOURNAL AND LEDGER. })(); Copyright © 2019. (b) Income of business 2. Which of the following statements is incorrect: In the double entry accounting system maintained manually, a journal entry The journal entry to account for the acquisition on credit of factory machinery from Millet plc should require which of the following var hs = document.createElement('script'); hs.type = 'text/javascript'; hs.async = true; (c) Assets – Liabilities = Owner’s Equity/Capital (a) Book of entries Here on NCERTBooks.Guru, you can access to TS Grewal Book Solutions in free pdf for Accountancy for Class 11 so that you can refer them as and when required.The TS Grewal Solutions to the questions after every unit of TS Grewal textbooks aimed at helping students solving difficult questions. It is the first step of the accounting process. Which of the following is generally not the party to a check? 9. (a) Posting (c) borrowing money from a bank (b) Debtor 11) Default ledger accounts in tally are _____ A Balance sheet & profit & loss profit & loss and trial balance. The difference between journal and ledger can be drawn clearly on the following grounds: The Journal is a book where all the financial transactions are recorded for the first time. The correct answer is “income, liabilities, capital” (option 2). (a) Assets accounts (d) Bank’s cashier, 29. (a) Account payable (b) Payments Postage stamps on hand are considered as 1 Comment. The act of transferring the information from the General Journal to the General Ledger is called what? (b) Two columns cash book 27. Discount allowed is (c) Three column cash book The correct answer is “balance” (option 3). (d) Compound entry, 43. 21. 2,359 Views. (a) Assets = Liabilities – Owner’s Equity/Capital (d) Expenditures, 31. The left hand side of a ledger account is known as: Your answer is incorrect. Ace up your preparation with the Objective Questions available on Trial Balance and enhance your subject knowledge. Which of the following is not an acceptable statement of the basic accounting equation? You must sign in or sign up to start the quiz. (b) Ledger Cash book with cash and discount column is mostly referred as (b) Two (c) Bullets order (b) Accountant of business D 5. General ledger – MCQs. Where are amounts owed by customers for credit purchases found? D 3. You have already completed the quiz before. General Ledger & Reporting System Journal voucher Record entry posted to general ledger. C 8. Powered by Team CSS Times. CBSE Class 11 Accountancy Worksheet - Journal And Ledger - Practice worksheets for CBSE students. A cash book with cash, bank and discount column is commonly referred as. 124 balance date account item credit land credit date item post. Topic: Journal, ledger, and Trial balance – Financial Accounting (CONTINUE…) 2. (c) General Journal (c) Incomes 5. We always check high standards of excellence, […] Journal, Ledger & Cash Book MCQs | for FPSC and other… […]. _Hasync.push(['Histats.track_hits', '']); Where are amounts owed by customers for credit purchases found? 1 Introduction In this chapter we develop an understanding of: • the principles of double ­entry bookkeeping • the preparation of nominal ledger accounts. The correct answer is “a liability account” (option 3). 128 balance date item post. (b) Cash receipts (a) sales journal A ledger account is prepared from (a) Events (b) Transactions (c) Journal (d) None of the above 3. (a) Primary entry (b) Final entry (c) Original entry (d) None of the above. Practice for BBA or MBA exams using these MCQ. LEDGER: Meaning : After recording the business transaction in the Journal or special purpose Subsidiary Books, the next step is to transfer the entries to the respective accounts in the Ledger. TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger. Definition : (a) Receipts CLASS –XI SUBJECT – ACCOUNTANCY. (b) Asset Financial accounting MCQ (ledger) 1. (c) Transferring debit credit account no. Postage stamps on hand are considered as, 48. 25. Your answer is incorrect. (a) Cash payments (b) Original C. Final audit. Drawings by owner of business are generally recorded on which of the following side of a cash book? b) Journal. Your answer is incorrect. (a) Cash entry d) Trial Balance. Purchase of office equipment for cash will be recorded on which of the following sides of a cash book? Jan. Rs. (c) Actual (b) Cash Which of the following will be debited if a business purchases goods on credit? Just click the “start quiz” button and start General Journal MCQs quiz. (b) once a year (d) Bank overdraft, CSSTimes.pk delivers free CSS online direction, approaches, books, online study-materials with an idea that no aspirant should be left out of FPSC exam competition due to Inaccessibility to costly CSS coaching centers. Your answer is incorrect. A 4. (a) Sales income account The correct answer is “transaction analysis > journal entry > ledger account” (option 2). The process of recording transactions in different journals is called, 14. When the transactions are entered in the journal, then they are posted into individual accounts known as Ledger. Accounting and Auditing MCQs • MCQs Journal, Ledger & Cash Book MCQs for FPSC and other related One Paper MCQs Tests. ref. (a) Assets column Internal audit. A cash book with cash, bank and discount column is commonly referred as (c) purchases journal 2. Where would a debit posted to accounts payable in the general ledger come from? debit account equipment account no. (b) sales journal (a) Receipts If total of debit side is equal to the total of credit side of a ledger account, the account is said to have a. Tab le A Common Source Documents and Functions. Following are some of the journal entry multiple choice questions and answers that will help the students in brushing up their understanding of the concept of journal entries in accounting. Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use? general ledger account account no. 1. follow me on https://www.facebook.com/sunnysinghkk https://instagram.com/sunnysinghkk?igshid=1325325ifv36 also contact me for academic classess 11th … B Which of the following is not a kind of audit? (a) Simple cash book (c) Cost ledger control account (d) None of the above 14.Purchases for special jobs is debited under non-integrated system to (a) Work-in-progress ledger control account (b) Cost ledger control account (c) Stores ledger control account (d) Purchases account 15.Journal entry for absorption of production overheads in non-integrated accounts is (a) First (d) Chronological order, 27. (a) Lump sum The solved questions answers in this Test: Preparation Of Journal Ledger Account - MCQ - 2 quiz give you a good mix of easy questions and tough questions. An account having a credit balance in general ledger will be classified as: Your answer is incorrect. (a) Trade discount Multiple choice Questions on Accounting for Managers or Managerial Accounting. Cash discount is allowed on _______ repayment of debt, 29. (d) Discount, 30. Following are some of the multiple choice questions and answers on ledger, that will help the students in brushing up their understanding of the concept of ledger in accounting. 47. For the following transactions, pass journal entries for the month of January, 2018. (a) Payee (c) Every year (a) Bank (a) Source documents A simple or one column cash book usually has which of the following main columns? (d) Creditor, 48. (d) Preparing the source documents, 39. (d) Books of economic event, 25. B 2. (b) Balance Sheet (d) Seller, 50. The correct answer is “ledger” (option 1). QI) Journalise the following transactions: (c) Book Introduction capital by owner of business is recorded on which side of a cash book? MCQ Questions on Trial Balance: Below, You will find a list of Commerce MCQ Questions as per the latest prescribed syllabus. (function() { (b) T account (c) accounts receivable journal 7. (d) Journalizing, 14. (d) Petty cash book, 34. Ledger is a book where all the transactions related to a particular account are collected at one place. Audit and Assurance Multiple Choice Questions. C. Interim audit. View answer. (c) Adjusting Discount for quick repayment of debt is normally referred as (c) Three columns cash book 40. (c) Cash payments and cash receipts 31. (d) cash disbursements journal, 4. (a) Trial Balance If you find difficulty in answering these questions, read ‘ General Journal ‘ chapter thoroughly from explanation section of the website.