Introduction to Ledger

Q.

What are the 3 types of ledgers?

Q.

What is the meaning of Statement of Affairs?

Q.

What Is a Real Account?

Q.

Distinguish between journal and ledger?

Q. A ledger is also known as book of .

1. primary entry
2. secondary entry
3. final entry
4. soucre entry

Q.

Write The Meaning Of Ledger Folio.

Q.

What is the purpose of posting JF numbers that are entered in the journal at the time entries are posted to the accounts?

Q.

Should a transaction be first recorded in a journal or ledger? Why?

Q. A ledger is prepared from ___ .

1. Events
2. Journal
3. Transactions
4. None of the above

Q.

What do you understand by ledger folio?

Q.

Define the purpose of maintaining the subsidiary journal.

Q.

What is the suspense head of the account?

Q.

Which of the following is not correct with regards to ledger ?

1. It helps to identify the list of transactions under a particular account head

2. Ledger is a book of primary entry in which transactions are recorded for the first time

3. It is an account book which contains all account heads which are opened in journal

4. Ledger records the transactions in a chronological order i.e. date wise manner

Q.

Explain the double entry mechanism with an illustrative example.

Q.

A ledger is also known as book of ___ .

1. Source Entry

2. Final Entry

3. Primary Entry

4. Secondary Entry

Q. Journal proper is meant for recording ____________.

1. Credit purchase of Fixed Assets
2. All such transactions for which no special journal has been kept by the business
3. Return of Goods
4. Supply of Goods

Q.

In accommodation bill the drawee is called the ___and the drawer is called the___.

1. Endorsee, Endorser

2. ‘Accommodating party’, ‘Accommodation party’

3. ‘Accommodation party’, ‘Accommodating party’
4. None of the above

Q. Journal Proper is used to record ____________.

1. returns of fixed assets purchased on credit
2. all cash purchases of assets other than goods
3. recovery of an amount already written off as bad debt
4. all cash sales of assets other than goods

Q.

What are the basic terms in accounting?

Q. Select the most appropriate alternatives from those given below and rewrite the sentence :

Recording of an entry from Journal to ledger is called as ________.
a) balancing
b) posting
c) totalling
d) transferring

Q.

Can we use a ledger balance?

Q. Ledger posting is not necessary for journal proper.

1. True
2. False

Q. Answer in one Sentence only.

From which books of accounts ledger posting is made in ledger?

Q. Flow variables are measured for a period of time.

1. False
2. True

Q.

What are the 2 types of ledger? Find the Answer at BYJUS

Q.

Does the ledger balance mean I owe money?

Q. How to print the worksheet which is given in NOTICE BOARD

Q.

The Ledger posting in an account is used to summarize which of the following?

1. Increase and decrease to a single account in the accounting system

2. Debit and credit to a single account in the accounting system

3. Changes in specific account balances over a time period

4. All of the above

Q. Which of the following is not recorded in current Audit working file?

1. Audit programme
2. Financial statement in audit report
3. Articles of incorporation
4. Confirmation responses

Q. The balances of stock variables can be carried forward to the next period.

1. True
2. False