M.C.Q (1 Marks)

MCQ 11 Mark

Business transactions are recorded:

✓
In chronological order.
B
Weekly.
C
At the end of the month.
D
Any of these.

Answer

Correct option: A.

In chronological order.

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MCQ 21 Mark

When total of debit side of an account exceeds the total of its credit side, the account is said to have:

A
Credit Balance.
✓
Debit Balance.
C
Debit as well as credit balance.
D
None of above.

Answer

Correct option: B.

Debit Balance.

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MCQ 31 Mark

The process of transferring the accounts from the Journal to the ledger is called:

A
Journalising
✓
Posting.
C
Balancing.
D
Costing.

Answer

Correct option: B.

Posting.

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MCQ 41 Mark

Trial Balance shows:

✓
Both debit and credit balances.
B
Only debit balance.
C
Only credit balance.
D
None of these.

Answer

Correct option: A.

Both debit and credit balances.

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MCQ 51 Mark

Ledger Account is prepared from:

A
Events.
B
Transactions.
✓
Journal.
D
None of these.

Answer

Correct option: C.

Journal.

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MCQ 61 Mark

Ledger is a book in which:

A
Real and Nominal Accounts are maintained.
B
Real and Personal Accounts are maintained.
✓
Real, Personal and Nominal Accounts are maintained.
D
None of the above.

Answer

Correct option: C.

Real, Personal and Nominal Accounts are maintained.

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MCQ 71 Mark

Ledger is called a book of:

A
Primary entry.
B
Secondary entry.
✓
Final entry.
D
None of these.

Answer

Correct option: C.

Final entry.

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Account M.C.Q (1 Marks)

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