Types of Accounts

Q.

State the features of a ledger?

Q.

What is the difference between a General Ledger and a ledger?

Q.

Briefly explain the benefit of maintaining a Bills Payable Book and state how is its posting is done in the ledger?

Q.

Which of the following is not a stock variable?

1. Liability

2. Asset

3. Revenue

4. Capital

Q.

What is the purpose of balancing the ledger?

Q.

A firm follows a practice of giving the figures of the previous year along with the figures for the current year. Now the accountant of the firm wants to discontinue this practice. Do you justify this decision?

Q.

What is a trial balance example?

Q.

Stock variable is defined as a variable which is __________.

Q.

Why is it necessary to record the adjusting entries in the preparation of final accounts?

Q. Difference between opening ledger ( ledger on 1 april ) and closing ledger ( ledger on 31 march ) .

Q. Briefly explain the benefit of maintaining a Bills Payable Book and state how is its posting is done in the ledger?

Q. Balance sheet audit includes verification of ____________.

1. Assets
2. Liabilities
3. Income and expense accounts where appropriate
4. All of the above

Q. Answer in one Sentence only.

What do you mean by Ledger?

Q.

Identify which account is an expense?

1. Amount paid for purchase of land

2. Amount of money in bank account

3. Amount paid to lawyer of firm

4. Amount of prepaid insurance

Q. In case of investigation, the period of investigation coverage ____________.

1. Is 2 years
2. Is 1 year
3. Differs on case to case basis
4. Is 6 months

Q. After the preparation of ledgers, the next step is the preparation of ___________.

1. Trading accounts
2. Trial balance
3. Profit and loss account
4. None of these

Q. Which of the following is not a type of account?

1. Journal
2. Trial Balance
3. Capital
4. Balance sheet
5. Profit or loss
6. Asset
7. Liability
8. Loan

Q. Match the following:

1. Temporary Account
2. Permanent Account
3. Book of Prime Entry
4. Group of Accounts