Test: Ledgers - 2 | 15 Questions MCQ Test Crash Course of Accountancy

QUESTION: 1

The credit balance of a personal account shows:

A.
Cash in hand
B.
The amount payable
C.
Income
D.
Amount receivable

Solution:

QUESTION: 2

The miscellaneous expenses account is likely to have :

A.
Only debit entries
B.
Only credit entries
C.
Both of the above
D.
Initially only debit entries and subsequently credit entries

Solution:

QUESTION: 3

From the following information ascertain the closing balance of debtors:
Opening balance of debtors Rs. 32,600; total sales Rs. 1,03,000; cash collected from debtors Rs. 70,000 sales return Rs.1,500; discount on purchases Rs. 1,200; cash sales Rs. 43,000; bad debts Rs. 700:

A.
Rs. 19,200
B.
Rs. 20,400
C.
Rs. 63,400
D.
Rs. 21,900

Solution:

Debtors a/c=Debit side in so opening debtors +credit sale -(cash received +sale return + bad debts) in credit side=closing debtors

32600+60000 - (70000+1500+700) =20400

QUESTION: 4

Journal and ledger records transactions in

A.
A chronological order and analytical order respectively.
B.
An analytical order and chronological order respectively.
C.
A chronological order only
D.
An analytical order only.

Solution:

QUESTION: 5

Ledger book is popularly known as

A.
Secondary book of accounts
B.
Principal book of accounts
C.
Subsidiary book of accounts
D.
None of the above

Solution:

QUESTION: 6

Which of the following is a real account?

A.
Building A/c
B.
Capital A/c
C.
Rent A/c
D.
All these.

Solution:

QUESTION: 7

After recording the transactions and events in journal and subsidiary books, they will be transferred to

A.
Profit and Loss Account
B.
Balance Sheet
C.
Ledger
D.
Memorandum Books

Solution:

QUESTION: 8

Ledger Book is popularly known as:

A.
Secondary book of accounts
B.
Principal book of accounts
C.
Subsidiary book of accounts
D.
None

Solution:

QUESTION: 9

Which of the following accounts may have a debit or a credit balance?

A.
Partner’s Current Account
B.
Purchase Account
C.
Commission (Recd) Account
D.
None

Solution:

QUESTION: 10

The process of transferring the debit and credit items from a Journal to their respective accounts in the ledger is termed as

A.
Posting
B.
Purchase
C.
Balancing of an account
D.
Arithmetically accuracy test

Solution:

QUESTION: 11

Goods costing Rs. 5,000 given to a worker towards wages Rs. 5,000. Market price of goods is Rs. 6,000. Journal entry will be

A.
Wages A/c Dr. Rs. 6,000

To Sales A/c Rs. 6,000
B.
Wages A/c Dr. Rs. 5,000

To Purchases A/c Rs. 5,000
C.
Wages A/c Dr. Rs. 5,000

To Cash A/c Rs. 5,000
D.
None of the above

Solution:

QUESTION: 12

Which of the following is known as “Principal Books of Accounts”?

A.
Ledger
B.
Journal
C.
Trial balance
D.
Balance sheet

Solution:

QUESTION: 13

Credit balance in ledger will be either:-

A.
A revenue or an asset
B.
An expense or an asset
C.
A revenue or a liability
D.
An expense or a liability

Solution:

QUESTION: 14

'A' purchased a computer having MRP of Rs. 60,000 for Rs. 45,000 and was offered a cash discount of Rs.9,000. At what percentage he got trade discount on MRP before getting cash discount?

A.
15%
B.
10%
C.
7
D.
25%

Solution:

Market Price =Rs. 60,000
Less: Purchase Price =Rs. 45,000
Trade discount before discount =Rs. 15,000
Less: Cash Discount =Rs. 9,000
Trade discount after cash discount =Rs. 6,000
Percentage of Trade Discount= (15,000/60,000)*100
= 25%

QUESTION: 15

The next step after preparation of Ledger is the preparation of ________:

A.
Trial balance
B.
Final Accounts
C.
Cash Flow statement
D.
Balance sheet

Solution:

Test: Ledgers - 2

15 Questions MCQ Test Crash Course of Accountancy - Class 11 | Test: Ledgers - 2

The credit balance of a personal account shows:

The miscellaneous expenses account is likely to have :

From the following information ascertain the closing balance of debtors:
Opening balance of debtors Rs. 32,600; total sales Rs. 1,03,000; cash collected from debtors Rs. 70,000 sales return Rs.1,500; discount on purchases Rs. 1,200; cash sales Rs. 43,000; bad debts Rs. 700:

Recommended Content

Chapter Notes - Private, Public and Global Enterprises

Chapter Notes - Social Responsibilities of Business and Business Ethics

NCERT Textbook - Nature and Purpose of Business

PPT - Nature and Purpose of Business

Nature and Significance of Management

Recommended Tests

Test: Nature And Purpose Of Business - 2

Test: Nature & Significance Of Management - 1

Test: Recording Of Transactions - 1

Test: Theory Of The Firm Under Perfect Competition - 1

Test: Meaning And Scope Of Accounting - 1

Download free EduRev App

Similar Content

Unit 2: Ledgers

Ledger (Part - 2)

Ledger (Part - 2)

Oracle Training - Defining Ledgers in General Ledger Part 2 - Oracle E-Business Suite R12

Related tests

Test: Ledgers - 2

Test: Ledgers - 1

Test: Formal Letters- 2

Test: Missing the Letters - 2

Test: Wedges

Schools

Competitive Examinations

Quick Access Links

Technical Exams

Test: Ledgers - 2

15 Questions MCQ Test Crash Course of Accountancy - Class 11 | Test: Ledgers - 2

The credit balance of a personal account shows:

The miscellaneous expenses account is likely to have :

From the following information ascertain the closing balance of debtors: Opening balance of debtors Rs. 32,600; total sales Rs. 1,03,000; cash collected from debtors Rs. 70,000 sales return Rs.1,500; discount on purchases Rs. 1,200; cash sales Rs. 43,000; bad debts Rs. 700:

Recommended Content

Chapter Notes - Private, Public and Global Enterprises

Chapter Notes - Social Responsibilities of Business and Business Ethics

NCERT Textbook - Nature and Purpose of Business

PPT - Nature and Purpose of Business

Nature and Significance of Management

Recommended Tests

Test: Nature And Purpose Of Business - 2

Test: Nature & Significance Of Management - 1

Test: Recording Of Transactions - 1

Test: Theory Of The Firm Under Perfect Competition - 1

Test: Meaning And Scope Of Accounting - 1

Download free EduRev App

Similar Content

Unit 2: Ledgers

Ledger (Part - 2)

Ledger (Part - 2)

Oracle Training - Defining Ledgers in General Ledger Part 2 - Oracle E-Business Suite R12

Related tests

Test: Ledgers - 2

Test: Ledgers - 1

Test: Formal Letters- 2

Test: Missing the Letters - 2

Test: Wedges

From the following information ascertain the closing balance of debtors:
Opening balance of debtors Rs. 32,600; total sales Rs. 1,03,000; cash collected from debtors Rs. 70,000 sales return Rs.1,500; discount on purchases Rs. 1,200; cash sales Rs. 43,000; bad debts Rs. 700: