CBSE Questions for Class 9 Elements Of Book Keeping And Accountancy Ledger Quiz 3 - MCQExams.com

Posting is the process of ___________.
  • Entering in the ledger information given in the Journal
  • Sending invoices to the customers
  • Entering an account in trail balance
  • Transferring an amount from one account to another
Interest received A/c will have ________.
  • Debit balance
  • Credit balance
  • Nil
  • Debit or credit balance
Fixed assets are purchased for the purpose of
  • Resale at profit
  • Raising fund from banks on their security
  • Production of goods and services
  • All the three
Sales A/c will have ________.
  • Debit Balance
  • Credit Balance
  • Nil
  • Debit or Credit balance
Credit entry in a nominal A/c means __
  • Additional expense
  • Reduction in expenses
  • Cash payment
  • Cash receipt
Cash discount on sales is termed as .......
  • Sales A/c
  • Debtors A/c
  • Discount allowed A/c
  • Profit and loss A/c
Capital Reverse is created
  • Out of revenue profit
  • Out of capital profit only
  • Both
  • Either (A) or (B)
What is NOT required for ledger?
  • Date
  • Using 'To' and 'By'
  • In folio column page number of journal
  • None of the above
What does the balance in Memorandum Joint Venture A/c shows.
  • Closing stock
  • Balance lying with bank
  • Profit or loss
  • Balance due from any partner
What is total purchases
Opening stock Rs.$$20,000$$, Sales Rs.$$1,80,000$$, Gross profit margin $$20\%$$ of sales, Closing stock Rs.$$10,000$$
  • Rs$$130,000$$
  • Rs$$134,000$$
  • Rs$$140,000$$
  • Rs$$120,000$$
What would be gross profit from the following information:
Opening stock Rs. 20,000, Purchases Rs. 100000, Wages Rs.11,000,Sales Rs. 150,000, Closing stock 11,000
  • Rs. 30,000
  • Rs. 20,000
  • Rs. 19,000
  • Rs. 41,000
X and Y enters into a Joint venture for sale of antique items, X send goods worth Rs 60000 to Y 3/4 of which were sold by Y for Rs 90000 and remaining were taken over by him at the same gross profit margin at which the goods were sold to the outside customers less 20% discount on such value. Y's A/c will be debited for the goods taken over by Rs ___
  • Rs 30000
  • Rs 24000
  • Rs 19500
  • Rs 20000
Any entry on the debit side of a personal account means
  • Discount given to him
  • Goods or services rendered or payment made to him
  • Goods or services received from
  • Commission gives to him
The term debit has been derived from the ..... word "debere".
  • French
  • Latin
  • English
  • Germany
The document listing the latest balances of all the accounts in the ledger on a given date is known as-
  • Trial balance
  • Positional statement
  • Income statement
  • Charter of a/cs
Goods send on sale or return basis would be recognised sales only when
  • When goods are returned
  • When approval is received
  • On 31st March
  • As soon as the goods are sent
Which method of inventory valuation give in flated value of closing stock when prices are falling?
  • LIFO
  • FIFO
  • Base price
  • Standard Cost
Trade discount is shown in ....
  • Cash book
  • Profit and Loss A/c
  • Purchase day book
  • None
suspense A/c is......
  • Nominal A/c
  • Real a/c
  • Personal A/c
  • Can be of any nature
Which of the following is a capital expenditure?
  • Cost of a stand by equipment
  • Routine repair and maintenance
  • Overhauling of plant
  • White-wash of office building
Which of these expenses is/are capitalized.
  • Custom duty
  • Installation expenses
  • Provision for doubtful debts
  • Transportation expenses
Which of these account(s) is/are never closed 
  • Salary A/c
  • Debtors A/c
  • Purchase A/c
  • Sales A/c
Which method of inventory valuation will report high value of closing stock when prices are rising?
  • LIFO
  • FIFO
  • Base price
  • Standard Cost
When prices are increasing continuously, which method of inventory valuation show lower value of closing inventory ___________.
  • FIFO
  • LIFO
  • Weighted average
  • Average
Suspense A/c can have
  • Only credit balance
  • Only debit balance
  • Any balance
  • No balance
Capital expenditure is generally intended to benefit __________.
  • More than one accounting year
  • More than $$6$$ month
  • Limited to $$6$$ month
  • Benefit expires within the same accounting year
Balance of petty cash book is posted to ledger ______________.
  • In the cash account
  • In the bank A/c
  • Nowhere
  • Either (a) or (b).
Total of Bills Payable Book is posted to the ledger ___________.
  • on the debit side of bills payable A/c
  • on the credit side of bills payable A/c
  • Either (a) or (b)
  • None of the above
Choose the True statement.
  • Accumulated depreciation A/c is never transferred to profit and loss A/c
  • Depreciation is the process of valuation of an Asset
  • All the fixed assets necessarily suffers depreciation
  • Non-charging of depreciation is a criminal offence
How many column are found in a ledge...... 
  • 6
  • 5
  • 8
  • 2
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Practice Class 9 Elements Of Book Keeping And Accountancy Quiz Questions and Answers