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CBSE Questions for Class 9 Elements Of Book Keeping And Accountancy Ledger Quiz 6 - MCQExams.com
CBSE
Class 9 Elements Of Book Keeping And Accountancy
Ledger
Quiz 6
The transferring of debit and credit items from journal to the respective accounts in the ledger is called as ___________.
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Ledger
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Posting
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Forward journal
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None of the above
Explanation
All the accounting transactions are first recorded in journal in chronological order. These journal entries are to be transferred to individual account opened in ledger.
The process of transferring the entries from journal to ledger is called posting.
Where separate set of books are maintained, the ledger accounts required are ____________.
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Memorandum Joint Venture and Joint venture Account with the other party
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Joint Venture Account and the Personal Account of the other party
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Joint Bank Account, Co-Venture's Accounts and Joint Venture Account
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Joint Bank Account and Joint Venture Account with the other party
Explanation
A Joint Venture is a contract between two or more persons who agree to do a small piece of commercial undertaking jointly.
Separate set of books is a method which particularly followed where there are large transactions, that is, the venture is a large one and is continued for a comparatively long period. The following three accounts are prepared under this method:
(i) Joint Venture Account
(ii) Joint Bank Account
(iii) Co-venturer's Account
A credit sale of goods to Shivendra should be debited to ______ account.
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Sales
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Goods
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Shivendra's
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Purchase
Explanation
Goods sold to Shivendra on credit will affect two account i.e. goods account and Shivendra's account. Rule of personal account defines that "debit the receiver" hence Shivendra account will be debited.
The accounting entries passed to transfer balance from the closed account to another account are called transfer entries, e.g. transfer of net profit to Capital A/c.
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True
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False
Explanation
Transfer entries, are entries intended to transfer an item from one head of account to another.
Transfer entries are passed in the journal for transferring an account from one account to another account. E.g. Drawing account is transferred to Capital account at the end of the accounting year. Accounts relating to operation of business like sales, income, expenses are closed at the end of the year and their total or balances are transferred to Trading and Profit and Loss Account after recording journal entries.
Discount Allowed Account will have ____________.
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Debit balance
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Credit balance
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Nil
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Debit or credit balance
Explanation
Discount Allowed is an Expense therefore it is a Nominal Account.
The rule for Nominal Account is
Debit- All increase in expense or losses
Credit- All Increase in Income and Gains
As Discount Allowed is an Expense therefore, it will have debit balance.
Commission received A/c will have __________.
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Debit balance
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Credit balance
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Nil
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Debit or credit balance
Explanation
Commission received is an income therefore it is a Nominal Account.
The rule for Nominal Account is
Debit- All increase in expense or losses
Credit- All Increase in Income and Gains
As commission is an income therefore, it will have credit balance.
An analysis of the effects of a transaction on the accounts, usually accompanied by explanation is known as ________.
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Recording
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Journalising
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Journal entry
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Posting
Explanation
Analyzing transactions and recording them as journal entries is the first step in the accounting cycle. It begins at the start of an accounting period and continues during the whole period. In other words journal entry is an entry to the journal. Journal is a record that keeps accounting transactions in chronological order, i.e. as they occur.
Ledger Folio and index is necessary for ledger.
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True
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False
Explanation
A ledger folio is the page number or folio number that is recorded in the L.F. column in the journal. It includes the page number of the ledger book on which the relevant account appears.
An index is the list of all ledger accounts that is maintained in alphabetical order, indicating the page number of each ledger account.
A ledger book contains various pages and an index helps in finding out any ledger account. Therefore, the ledger folio and index are necessary for a ledger.
The creditors accounts, generally, have credit balance. Debit balance may be due to _________.
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advance paid against an order
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goods returned
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wrong debit to supplier account
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any of these
Explanation
Following accounting will be passed when goods are purchased on credit:
Goods A/c Dr.
To Creditors
In such situation, creditors account will always shows the credit balance or nil balance if all the payments are done. Creditors account may have debit balance in the below cases:
There are cases when goods is returned to the supplier after making the final payment. In such situation creditor account will show a debit balance.
In case of advance payment is done to the creditor before supply of goods, in such situation also, there will be a debit balance in creditors account.
Debit balance may also arise in creditors account if any wrong debit is done in the creditors account.
Which of the following is (are) benefits of subsidiary ledger accounts to business?
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It tells about customer attitude of payments
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It can be checked against the control account to pick up recording errors
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It tells about the complete history of transactions of business client
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All of the above
Goods worth Rs. $$10,000$$ were purchased by B on which the traders allowed Rs. $$500$$ trade discount and offer to give $$5\%$$ cash discount if immediate payment is made. The Purchase A/c will be debited by _________.
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Rs. $$10,000$$
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Rs. $$9,800$$
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Rs. $$9,000$$
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Rs. $$9,500$$
Explanation
Discount are two types , trade discount and cash discount.
Trade discount is allowed on the list price hence amount of trade discount is not reflected in books of account.
Net price i.e. after deducting trade discount is only recorded in the books of account.
Purchase Price Rs.10000
Less: Trade Discount Rs.500
Net Purchase Price Rs.9500
Hence, Purchase account will be debited by Rs.9500.
Donation & Charity Account is _______________.
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An Asset Account
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A Liability Account
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A Revenue Account
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An Expense Account
Explanation
Donation is the object that is given, such as blood, money, toys, clothing, and so on. The act of donating items to someone in need is known as charity. Because charity and donation are considered income by the NPO, donation and charity A/c are nominal in nature.
So option d is the correct answer.
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Practice Class 9 Elements Of Book Keeping And Accountancy Quiz Questions and Answers
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