At the end of the accounting year all the nominal accounts of the ledger book areA. Balanced but not transferred to profit and loss accountB. Not balanced and also the balance is not transferred to the profit and loss accountC. Balanced and the balance is transferred to the balance sheetD. Not balanced and their balance is transferred to the profit and loss account.
  • A
  • B
  • C
  • D
The process of transferring the debit and credit items from a Journal to their respective accounts in the ledger is termed asA. PostingB. PurchaseC. Balancing of an accountD. Arithmetically accuracy test
  • A
  • B
  • C
  • D
Journal and ledger records transactions inA. A chronological order and analytical order respectively.B. An analytical order and chronological order respectively.C. A chronological order onlyD. An analytical order only.
  • A
  • B
  • C
  • D
Which of the following accounts may have a debit or a credit balance?A. Partner’s Current AccountB. Purchase AccountC. Commission (Recd) AccountD. None
  • A
  • B
  • C
  • D
What will be the Journal Entry when goods purchased are returned?A. Creditors A/c Dr. To Purchase Returns A/cB. Purchase Return A/c Dr. To Creditors A/cC. Creditors A/c Dr. To Sales A/cD. None of these
  • A
  • B
  • C
  • D
Which of the following is known as “Principal Books of Accounts”?A. LedgerB. JournalC. Trial balanceD. Balance sheet
  • A
  • B
  • C
  • D
The credit balance of a personal account shows:A. Cash in handB. The amount payableC. IncomeD. Amount receivable
  • A
  • B
  • C
  • D
Interest amount is Rs.What will be the amount of reimbursement if the following expenses were incurred by petty cashier during the month? Telephone Rs.150, Breakfast Rs.50, Small repairs Rs. 30 General expenses Rs.100A. Rs. 300B. Rs. 170C. Rs. 330D. Rs. 270
  • A
  • B
  • C
  • D
Ledger records transaction in :A. A chronological orderB. Analytical orderC. Both of the aboveD. None
  • A
  • B
  • C
  • D
From the following details find out credit sales during the financial year 2010-2011:Opening balance of sundry debtors on 1.4.10 Rs. 12,Bills receivable accepted by customer Rs. 13,000Closing balance of Sundry Debtors on 31.3.11 Rs. 14,Cash received from debtors during the year Rs. 38,400A. Rs. 39,400B. Rs. 27,000C. Rs. 65,400D. Rs. 53,400
  • A
  • B
  • C
  • D
Purchase Return Account always shows a _______ balance.A. DebitB. CreditC. Either (a) or (b)D. None
  • A
  • B
  • C
  • D
Discount Account will always have:A. Only debit balanceB. Nil balanceC. Only credit balanceD. Debit or Credit balance
  • A
  • B
  • C
  • D
Cash account is a :A. Personal AccountB. Real accountC. Nominal accountD. None of these
  • A
  • B
  • C
  • D
Cash Sales Rs. 50,000 Cash collected from debtors Rs.1,30,000 Bad debts during year Rs. 5,000 Debtors at beginning Rs. 10,000 Total Sales will be :A. Rs. 1,75,000B. Rs. 1,70,000C. Rs. 1,80,000D. Rs. 1,78,000
  • A
  • B
  • C
  • D
Which of these Account is Debited:A Income received in advanceB Bank LoanC Prepaid Insurance PremiumD Reserve for doubtful debts
  • A
  • B
  • C
  • D
The next step after preparation of Ledger is the preparation of ________:A. Trial balanceB. Final AccountsC. Cash Flow statementD. Balance sheet
  • A
  • B
  • C
  • D
The process of transferring the transaction relating to changes in a particular item at one place in the form of an account is called __________:A. BalancingB. CastingC. JournalizingD. Posting
  • A
  • B
  • C
  • D
If the owner withdraws amount from the business for personal use, then which A/c is to be debited?A. Capital A/cB. Drawings A/cC. Owners A/cD. None of these
  • A
  • B
  • C
  • D
X purchased goods on 90 days credit from Y worth Rs. 20,Y has given a trade discount of Rs. 1,000 on the same. Since Y also offered a cash discount of Rs. 500, if payment is made within 30 days, X avails the cash discount and paid the dues to Y. At the end of the year the goods purchases from Y remain unsold and included in the stock. The value of such goods would be:A. Rs. 20,000B. Rs. 19,500C. Rs. 19,000D. Rs. 18,500
  • A
  • B
  • C
  • D
Furniture of book value of Rs. 20,000 was sold for Rs. 6,000 and new furniture of Rs. 20,000 was purchased. Amount debited towards purchase of new furniture will be:-A. Rs. 14,000B. Rs. 29,000C. Rs. 5,000D. Rs. 20,000
  • A
  • B
  • C
  • D
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