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Page 1 CA-CPT Fundamentals of Accounts Chapter 2 Unit-2 By CA. SK Chhabra Page 2 CA-CPT Fundamentals of Accounts Chapter 2 Unit-2 By CA. SK Chhabra Multiple choice Questions Page 3 CA-CPT Fundamentals of Accounts Chapter 2 Unit-2 By CA. SK Chhabra Multiple choice Questions 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 Answer: (a) Page 4 CA-CPT Fundamentals of Accounts Chapter 2 Unit-2 By CA. SK Chhabra Multiple choice Questions 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 Answer: (a) The technique of finding the net balance of an account after considering the totals of both debits and credits appearing in the account is known as • (a) Posting • (b) Purchase • (c) Balancing of an account • (d) Arithmetically accuracy test. Answer: (c) Page 5 CA-CPT Fundamentals of Accounts Chapter 2 Unit-2 By CA. SK Chhabra Multiple choice Questions 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 Answer: (a) The technique of finding the net balance of an account after considering the totals of both debits and credits appearing in the account is known as • (a) Posting • (b) Purchase • (c) Balancing of an account • (d) Arithmetically accuracy test. Answer: (c) 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 Answer: (a)Read More
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FAQs on MCQ - Ledger - Principles and Practice of Accounting - CA Foundation
| 1. What is a ledger in accounting? |  |
Ans. A ledger in accounting is a book or computerized record that contains all the accounts of a business, including assets, liabilities, revenue, and expenses. It serves as the central repository for recording and summarizing financial transactions.
| 2. How does a ledger help in financial reporting? | |
Ans. A ledger helps in financial reporting by providing a detailed and organized record of all financial transactions. It allows businesses to track and monitor their income, expenses, and other financial activities, which are essential for preparing accurate financial statements and reports.
| 3. What are the types of ledgers used in accounting? | |
Ans. There are several types of ledgers used in accounting, including the general ledger, subsidiary ledger, and control accounts. The general ledger contains all the accounts of a business, while subsidiary ledgers are used to record transactions related to specific accounts, such as accounts receivable or accounts payable. Control accounts are summary accounts in the general ledger that represent the total balance of subsidiary ledgers.
| 4. Can a ledger be maintained manually or is computerized software necessary? | |
Ans. A ledger can be maintained both manually and using computerized software. In manual accounting systems, ledgers are typically maintained in physical books, where transactions are recorded by hand. However, computerized accounting software simplifies ledger maintenance by automating the recording, calculation, and reporting processes, reducing the chances of errors and making it easier to generate financial reports.
| 5. How does a ledger contribute to the accuracy of financial statements? | |
Ans. A ledger contributes to the accuracy of financial statements by ensuring that all financial transactions are properly recorded, classified, and summarized. It allows businesses to maintain a systematic and organized record of their financial activities, reducing the chances of errors, omissions, or misclassification of transactions. Accurate ledger entries are crucial for generating reliable financial statements that reflect the true financial position and performance of a business.
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