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Preparing Financial Statements of NPO-II

Ledger is the...

Question

Ledger is the ____ of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded.

A

Principal book

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B

Primary entry book

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C

Third entry book

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D

None of above

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Solution

The correct option is A Principal book
Ledger is the principal book of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded.

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Q. _______ is the principal book of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded.

Q. _________ is the principal book of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded.

Q. State whether the following statements are ‘True or False”.

1) Ledger is known as the book of original entry.
2) Narration is not necessary in ledger.
3) All accounts are closed down at the end of the accounting year.
4) Recording of a transaction in Journal is called posting.
5) Balance of personal account is brought down for the next year.
6) All transactions are recorded directly in ledger.
7) Ledger Folio and index is necessary for ledger.
8) Ledger posting is not necessary for Journal Proper.
9) Ledger Folio is recorded in Journal.
10) Ledger posting is made before passing Journal entry.

To record a repair or maintenance expense of a machine in your records, the ___ account is ___ by the amount of the expense in a journal entry.

Q. State True or False.

Only cash transactions and personal transactions are recorded in Single entry.

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