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B Com Exam  >  B Com Tests  >  Test: Accounting Process - 1 - B Com MCQ

Test: Accounting Process - 1 - B Com MCQ


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10 Questions MCQ Test - Test: Accounting Process - 1

Test: Accounting Process - 1 for B Com 2024 is part of B Com preparation. The Test: Accounting Process - 1 questions and answers have been prepared according to the B Com exam syllabus.The Test: Accounting Process - 1 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Accounting Process - 1 below.
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Test: Accounting Process - 1 - Question 1
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Which of the following is true about a ledger?

Detailed Solution for Test: Accounting Process - 1 - Question 1
The ledger is referred to as a classified and summarized record of all business transactions, covering personal, real, and nominal accounts. It is essential for knowing the net effect of various transactions on specific accounts.
Test: Accounting Process - 1 - Question 2
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What is the primary purpose of balancing a ledger account?

Detailed Solution for Test: Accounting Process - 1 - Question 2
Balancing a ledger account involves determining the difference between the total debit and credit entries to understand the net effect of transactions and know the account balance.
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Test: Accounting Process - 1 - Question 3
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In the ledger, what does the 'Folio' column represent?

Detailed Solution for Test: Accounting Process - 1 - Question 3
The 'Folio' column in a ledger indicates the page number of the ledger or journal where the corresponding entry is recorded, aiding in cross-referencing.
Test: Accounting Process - 1 - Question 4
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What does the term 'To Balance c/d' signify in ledger balancing?
Detailed Solution for Test: Accounting Process - 1 - Question 4
'To Balance c/d' signifies the closing balance that is carried down to the next accounting period. It represents the difference between the totals of the debit and credit sides.
Test: Accounting Process - 1 - Question 5
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What kind of accounts are typically not balanced but closed by transferring to the Profit and Loss Account?
Detailed Solution for Test: Accounting Process - 1 - Question 5
Nominal accounts, which include expenses and revenues, are usually not balanced. Instead, they are closed at the end of the accounting period by transferring their balances to the Profit and Loss Account.
Test: Accounting Process - 1 - Question 6
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What is the process of entering transactions from the journal to the ledger called?
Detailed Solution for Test: Accounting Process - 1 - Question 6
The process of transferring entries from the journal to the ledger is called 'posting.' This involves entering the debit and credit aspects of each journal entry into the respective ledger accounts.
Test: Accounting Process - 1 - Question 7
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Which side of the ledger account is used for credit entries?
Detailed Solution for Test: Accounting Process - 1 - Question 7
Credit entries are recorded on the right side of the ledger account, designated by 'Cr.'
Test: Accounting Process - 1 - Question 8
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When a journal entry is posted on the debit side of a ledger account, what is written in the particulars column?
Detailed Solution for Test: Accounting Process - 1 - Question 8
When posting a journal entry on the debit side of a ledger account, the name of the account credited in the journal entry is written in the particulars column, preceded by 'To.'
Test: Accounting Process - 1 - Question 9
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If the total of the credit side of a ledger account is greater than the total of the debit side, what is the balance called?
Detailed Solution for Test: Accounting Process - 1 - Question 9
If the total of the credit side exceeds the total of the debit side, the balance is termed a 'credit balance.'
Test: Accounting Process - 1 - Question 10
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In a compound journal entry, how many accounts are typically involved?
Detailed Solution for Test: Accounting Process - 1 - Question 10
A compound journal entry involves three or more accounts, with entries made on the debit side of multiple accounts and the credit side of one account or vice versa.
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