Question 21 MarkL.F. in the journal is filled at the time of posting.AnswerTrue.View full question & answer→
Question 61 MarkThe process of recording a transaction in the Ledger is called posting.AnswerTrue.View full question & answer→
Question 81 MarkOpening entry is passed for the first transaction of each day.AnswerFalse.View full question & answer→
Question 91 MarkWhile preparing Cash A/c of the Current Year, the balance of the previous year is shown as 'To Balance b/d'.AnswerTrue.View full question & answer→
Question 101 MarkPersonal accounts always show debit balance.AnswerFalse.View full question & answer→
Question 111 MarkAssets accounts may have either debit or credit balance.AnswerFalse.View full question & answer→
Question 121 MarkThe balance of an account is always known by the side which is in excess.AnswerTrue.View full question & answer→
Question 131 MarkAll business transactions are first of all recorded in a Ledger.AnswerFalse.View full question & answer→
Question 151 MarkThe system of recording transactions on the basis of their two-fold aspect is called double account system.AnswerFalse.View full question & answer→
Question 161 MarkPosting is made at the debit side of an account, which has been credited in the Journal Entry.AnswerFalse.View full question & answer→
Question 171 MarkWhile preparing Capital A/c of the Current Year, the balance of the previous year is shown as ‘By Balance b/d’.AnswerTrue.View full question & answer→
Question 181 MarkPersonal accounts may have either debit or credit balance.AnswerTrue.View full question & answer→
Question 191 MarkGoods bought for resale are referred to as sales.AnswerFalse.View full question & answer→
Question 201 MarkDebit balance of a nominal account shows income of the business.AnswerFalse.View full question & answer→