Chapter 5 ACCOUNTANCY : Ledger — Online MCQ Test
ACCOUNTANCY · CLASS 11 INTER I YEAR · Andhra State Board
Practice Chapter 5 ACCOUNTANCY : Ledger with a free chapter-wise online MCQ test.
This chapter covers: This chapter covers posting entries from journal to ledger accounts balancing ledger accounts and understanding debit and credit balances..
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Chapter 5 ACCOUNTANCY : Ledger — Important Questions & Answers
What is the process of transferring entries from the Journal to the Ledger called?
- A. Journalising
- B. Posting
- C. Balancing
- D. Casting
Answer: B. Posting
The process of transferring information from the journal to the respective ledger accounts is known as posting.
The process of transferring information from the journal to the respective ledger accounts is known as posting.
The Ledger is also known as the book of ________ entry.
- A. Original
- B. Secondary
- C. Final
- D. Primary
Answer: B. Secondary
Since transactions are first recorded in the journal, the ledger is called the book of secondary entry.
Since transactions are first recorded in the journal, the ledger is called the book of secondary entry.
If the debit side of an account is greater than the credit side, the balance is known as:
- A. Debit balance
- B. Credit balance
- C. Nil balance
- D. Zero balance
Answer: A. Debit balance
When total debits exceed total credits, the account shows a debit balance.
When total debits exceed total credits, the account shows a debit balance.
Identify which of the following is NOT an advantage of preparing a ledger.
- A. It helps in calculating profit or loss
- B. It provides information about assets and liabilities
- C. It shows a summary of all transactions related to one head
- D. It replaces the need for a journal
Answer: D. It replaces the need for a journal
A ledger does not replace the journal; the journal is necessary for original entry as it provides a chronological record.
A ledger does not replace the journal; the journal is necessary for original entry as it provides a chronological record.
If a transaction is recorded in the journal but completely omitted from the ledger, what is the impact?
- A. Trial balance will still match
- B. Trial balance will not match
- C. The ledger balance remains accurate
- D. Profit is not affected
Answer: B. Trial balance will not match
Omission of a journal entry in the ledger results in an imbalance in the trial balance as the debit or credit is not posted.
Omission of a journal entry in the ledger results in an imbalance in the trial balance as the debit or credit is not posted.