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The next step after preparation of Ledger is the preparation of _______:
a) Trial Balance
b) Final Accounts
c) Cash Flow Statement
d) Balance Sheet
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Which of these accounts is debited?
a) Income received in advance
b) Bank Loan
c) Prepaid Insurance Premium
d) Reserve for doubtful debts
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The credit balance of a personal account shows: a) Cash in hand b) The amount payable c) Income d) Amount receivable
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Cash Sales Rs. 50,000 Cash collected from Debtors Rs. 1,30,000 Bad debts during the year Rs. 5,000 Debtors at beginning Rs. 10,000 Total Sales will be: a) Rs. 1,75,000 b) Rs. 1,70,000 c) Rs. 1,80,000 d) Rs. 1,78,000
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Discount Account will always have: (a) Only Debit balance (b) Only Credit balance (c) Neither Debit nor Credit balance (d) Debit or Credit balance
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The miscellaneous expenses account is likely to have:
a) Only debit entries
b) Only credit entries
c) Both of the above
d) Initially only debit entries and subsequently credit entries
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Ledger records transaction in:
a) A chronological order
b) Analytical order
c) Both of the above
d) None
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The process of transferring the transactions related to the debit and credit items from journal to classified accounts in the ledger is known as:-
(a) Account (b) Ledger (c) Journal (d) Posting
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Which of the following accounts may have a debit or a credit balance?
a) Partner's Current A/c
b) Purchase A/c
c) Commission (Recd) A/c
d) None
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Ledger Book is popularly known as:
a) Secondary books of accounts
b) Principal books of accounts
c) Subsidiary books of accounts
d) None
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