MCQExams
0:0:1
CBSE
JEE
NTSE
NEET
Practice
Homework
×
CBSE Questions for Class 9 Elements Of Book Keeping And Accountancy Ledger Quiz 2 - MCQExams.com
CBSE
Class 9 Elements Of Book Keeping And Accountancy
Ledger
Quiz 2
In ledger J.F. denotes __________.
Report Question
0%
Page number
0%
Folio
0%
Both a & b
0%
None of the above
Explanation
In ledger, there is a page number column and folio column
Pick out the wrong one from the following statements.
Report Question
0%
In ledger account debit is one left hand side and credit on right hand side.
0%
Ledger takes care of only real and nominal accounts of an enterprise.
0%
Name of the account in ledger is written in the top middle of the account.
0%
Ledger account is divided into two sides.
Explanation
Ledger takes care of only real and nominal accounts of an enterprise.
Every financial transaction is recorded first in the journal.
Report Question
0%
True
0%
False
Explanation
A transaction is recorded first in a journal because journal provides complete details of a transaction in one entry.
Further, a journal forms the basis for posting the transactions into their respective accounts into ledger.
Transactions are recorded in journal in chronological order, i.e. in the order of occurrence with the help of source documents.
Journal is known as 'book of original entry', because with the help of source document, transactions are originally recorded in books. The process is of recording the transactions in journal and then in ledger.
Right hand side of an account is __________.
Report Question
0%
credit side
0%
debit side
0%
income side
0%
expenses side
Explanation
All the accounts identified on the basis of transactions recorded in different journals/books such as Cash Book, Purchase Book, Sales Book etc. will be opened and maintained in a separate book called Ledger. So a ledger book; in which all types of accounts relating to assets, liabilities, capital, expenses and revenues are maintained. It is a complete set of accounts of a business enterprise.
A ledger account has two sides, namely left hand and right hand side. Left hand side is called the debit side while the right hand side is called the credit side.
Transferring journal entry from journal to ledger is called journalising.
Report Question
0%
True
0%
False
Explanation
The process of recording transaction in the book of original entry is known as Journalising. The transactions are recorded in the form of a journal entry. Recording is made following the double-entry system of accounting. Thus, it records the two-fold effect of every transaction in the process of journalising, the transaction is first analysed in order to decide the account to be debited and credited by ascertaining the rule of debit and credit. After this, entries are recorded in the books of accounts. Once the entry is recorded in books, it is further posted from the journal to the ledger accounts which is called posting of entries.
Brokerage paid on sale of goods is debited to Brokerage A/c.
Report Question
0%
True
0%
False
Explanation
Brokerage is a fee or commission paid to a broker who is engaged in business in buying or selling shares and securities.
Hence, it is an indirect expense for a business that is to be accounted under Brokerage A/c.
Being an expense for the business, it should be debited to Profit and Loss A/c, according to the rule of nominal account.
All entries are posted from journal to _______.
Report Question
0%
Ledger
0%
Balance Sheet
0%
Trial Balance
0%
Cash A/c
Explanation
The first step involves identifying the transactions to be recorded and preparing the source documents which are in turn recorded in the basic book of original entry called journal and are then posted to individual accounts in the principal book called ledger.
The process of transferring journal entry to the individual accounts is called posting.
This sequence causes the journal to be called the Book of Original Entry and the ledger account is the Principal Book of Entry.
____________ is a process of transferring journal entry to ledger.
Report Question
0%
Journalisation
0%
Ledger Posting
0%
Casting
0%
Recording
Explanation
Posting is the process of transferring the entries from the books of original entry (journal) to the ledger. In other words, posting means grouping of all the transactions in respect to a particular account at one place for meaningful conclusion and to further the accounting process. Positing from the journal is done periodically, may be, weekly or fortnightly or monthly as per the requirements and convenience of the business.
Recording of an entry from journal to ledger is called as __________.
Report Question
0%
Balancing
0%
Posting
0%
Totalling
0%
Transferring
Explanation
The process of recording transactions in the journal is called Journalizing. Once journalizing process is completed, the journal entry provides a complete and useful description of the event's effect on the organisation.
The process of transferring journal entry to individual accounts is called posting.
A bound book of account is __________.
Report Question
0%
Ledger
0%
Journal
0%
Subsidiary Book
0%
Cash Book
Explanation
The ledger is the principal book of accounting system. It contains different accounts where transactions relating to that account are recorded. A ledger is the collection of all the accounts, debited or credited, in the journal proper and various special journal.
It is very useful and is of utmost importance in the organisation.
The net result of all transactions in respect of a particular account om a given date can be ascertained only from the ledger.
All transaction are recorded directly in ledger.
Report Question
0%
True
0%
False
Explanation
A
transaction
should be
recorded first
in a
journal
because
journal
provides complete details of a
transaction
in one entry. Further, a
journal
forms the basis for posting the
transactions
into their respective accounts into ledger.
Ledger Folio is recorded in Journal.
Report Question
0%
True
0%
False
Explanation
Ledger folio is the page number or folio number that is recorded in the L.F. column in the Journal.
This column indicates the page number of the ledger book on which the relevant account appears, It is not filled at the time of journalising but at the time of posting the transactions.
Left hand side of an account is called _______ side.
Report Question
0%
credit
0%
debit
0%
middle
0%
centre
Explanation
In double entry accounting, every transaction affects and is recorded in at least two accounts.
When recording each transaction, the total amount debited must be equal to the total amount credited.
In accounting, the terms debit and credit indicate whether the transactions are to be recorded on the left hand side or right hand side of the account.
Left hand side of an account is called as debit side and right hand side is known as credit side.
Narration is not necessary in ledger.
Report Question
0%
True
0%
False
Explanation
Narration
A short explanation of each transaction is written under each entry which is called narration.
Narration is not required in ledger, whereas it is required in a Journal.
It is the brief explanation that provides the details of Journal entry and helps understand the account debited or credited. Journal entries are posted to the ledger accounts.
Thus,narration is not necessary in ledger.
Recording of a transaction in journal is called posting.
Report Question
0%
True
0%
False
Explanation
Ledger posting means making entries of the transactions in the ledger books from the journals. Posting is a process of transferring debit and credit aspects of the entries appearing in the journal and other books of original entry to the debit and credit sides of the relevant accounts in the ledger.
Posting means transferring the entries from the Journal to the Ledger accounts. Recording of a transaction in the Journal is termed as Journalising. Thus, when entries are posted or transferred to the respective ledger accounts, this process is termed as posting.
What is uncommon in ledger?
Report Question
0%
Name of the accounts used in journal are different from ledger
0%
Account which is credited in journal debited in ledger
0%
Both a & b
0%
None of the above
Ledger posting is made before passing journal entry.
Report Question
0%
True
0%
False
Explanation
Ledger posting is made after recording the journal entries in the book of original entry. Once the transactions are recorded in the journal, theses are transferred or posted to the relevant ledger accounts.
Thus, ledger posting is done after passing the journal entry.
Recording business transaction in the journal is known as posting.
Report Question
0%
True
0%
False
Explanation
Journalising is the process of recording the aspects of the transactions in journal. In other words, recording of entries in the journal is known as journalising.
The process of journalising means the steps to be followed for ascertaining the account heads to be debited/credited for a particular transaction. There are three steps involved in the process of journalising a transaction:
Step 1: Identification of accounts or 'account heads' affected by the transaction.
Step 2: Classification of accounts or account heads.
Step 3: Application of rules for debit and credit.
Cash purchase of raw material is initially recorded in_________.
Report Question
0%
purchase day book
0%
cash book
0%
directly in Purchase A/c
0%
any of the above three
Explanation
All cash transactions are first recorded in cash book. Hence cash purchase of raw material is also to be recorded in cash book.
_________ is concerned with the classification process of Accounting.
Report Question
0%
Ledger
0%
Preparation of profit and loss a/c
0%
Journalising
0%
Balancing of leger
Explanation
Once the business transactions are recorded in journal, this has to be posted in ledger. Posting of transaction in a ledger depends on the nature of transaction. Hence this is very much desired to have a proper classification of ledger. This may be classified in the form of personal ledger and impersonal ledger.
With the help of journal and ledger, cross checking of business transactions not possible.
Report Question
0%
True
0%
False
Explanation
Journal is a book of original entry or primary entry. All the transactions are first recorded in the Journal and thereafter are posted to the Ledger accounts. Thus, the transactions can be cross-checked by tallying the journal and the ledger.
Thus, the correct answer is B.
________ is concerned with the systematic analysis of the recorded data with a view to group transactions or entries of one nature at one place.
Report Question
0%
Summarizing
0%
Analysis
0%
Classifying
0%
Interpreting
Explanation
Classification is concerned with the systematic analysis of the recorded data with a view to group transactions or entries of one nature at one place. The work of classification is done in the book called "ledger". This book contains on different pages individual account heads under which all financial transactions of similar nature are collected.
A summary record of the changes in a particular asset, liability or owners equity is known as _________.
Report Question
0%
Account
0%
Account current
0%
Proforma Account
0%
Ledger
Explanation
The detailed record of all the changes that have occurred in a particular asset, liability, or owner's equity during a period is known as account. It is a record or statement of financial expenditure and receipts relating to a particular period or purpose.
Expenses A/c will always have _______.
Report Question
0%
debit balance
0%
credit balance
0%
nil
0%
debit or credit balance
The transferring of amount from the journal to the appropriate accounts in the ledger is called _________.
Report Question
0%
Recording
0%
Journalising
0%
Journal entry
0%
Posting
Explanation
All journal entries must be transferred to a book to have the summary of each account. The book where these individual account are opened is called ledger. Process of transferring the entries from journal to ledger is called posting.
Credit balance in which of these A/c indicates error in the A/c
Report Question
0%
Cash in hand A/c
0%
Sales A/c
0%
Capital A/c
0%
Bank A/c
Explanation
Cash in hand can be zero or positive but there can never be cash balance therefore, if cash balance is credit then there must be some mistake in that account.
____________ has a debit balance.
Report Question
0%
Debtors Account
0%
Sales Account
0%
Creditors Account
0%
Overdraft Account
Explanation
When the goods are sold on credit, the customer who owes money for the goods is known as debtor. Amount is receivable from such debtors and hence it is considered as an asset for the business entity. Also assets will show a debit balance.
Hence, debtors being an asset to the entity will show a debit balance of an amount which is receivable from them.
______________ has a credit balance.
Report Question
0%
Purchase account
0%
Sales Account
0%
Goodwill account
0%
Cash account
Explanation
As per the rules of accounting, revenue account will always have a credit balance showing income for the business entity.
Sales refers to the amount of goods or services provided to the customers in the course of business.
Sales being a revenue to the business entity will always have credit balance.
On the debit side of a sales A/c entry can be for which of these reasons.
Report Question
0%
Sales returns
0%
Discount allowed
0%
Both
0%
Additional sales
Double entry system was invented by an Italian merchant named Luco Pacioli in.........
Report Question
0%
1494 AD
0%
1494 BC
0%
1610 AD
0%
1857 AD
Explanation
Luca Pacioli, a Franciscan friar and collaborator of Leonardo da Vinci, first codified the system in his mathematics textbook Summa de arithmetica, geometria, proportioni et proportionalità published in Venice in 1494 AD.
Therefore, A is the correct answer.
0:0:1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
0
Answered
0
Not Answered
0
Not Visited
Correct : 0
Incorrect : 0
Report Question
×
What's an issue?
Question is wrong
Answer is wrong
Other Reason
Want to elaborate a bit more? (optional)
Practice Class 9 Elements Of Book Keeping And Accountancy Quiz Questions and Answers
<
>
Support mcqexams.com by disabling your adblocker.
×
Please disable the adBlock and continue.
Thank you.
Reload page
