MCQS of Ledger Chapter class 11 with answers
MCQS of Ledger Chapter class 11 with answers for CBSE, ISC and State Boards
The book in which all the accounts are opened, is called:
(a) Journal
(b) Cash Book
(c) Ledger
(d) Subsidiary Book
Ans:- (c)
Posting of transaction means:
(a) writing transactions in Journal
(b) transferring transactions in Ledger
(c) writing transactions in Trial Balance
(d) writing transactions in Financial Statements
Ans:- (b)
Credit balance of a personal account shows:
(a) Profit
(b) Loss
(c) Asset
(d) Liability
Ans:- (b)
The main object of keeping the ledger is:
(a) To ascertain the profit & loss of business
(b) To ascertain the financial position of the business
(c) To ascertain the debtors and creditors of the business
(d) To ascertain the net result of all transactions of one nature
Ans:- (d)
Received ₹ 7,500 from Ritika in full settlement of ₹ 8,000. Posting will be made in Ritika’s A/c:
(a) ₹ 7,500 on Debit side
(b) ₹ 7,500 on Credit side
(c) ₹ 8,000 on Debit side
(d) ₹ 8,000 on Credit side
Ans:- (d)
Paid to Vishakha ₹ 14,000 in full settlement of ₹ 15,000. Posting of ₹ 1,000 will be made to the:
(a) Debit side of Discount A/c
(b) Credit side of Discount A/c
(c) Debit side of Vishakha’s A/c
(d) Credit side of Vishakha’s A/c
Ans:- (b)
Debit balance of a real account shows:
(a) Income
(b) Expenditure
(c) Asset
(d) Liability
Ans:- (c)
Debit balance of a nominal account shows:
(a) Income
(b) Expenditure
(c) Profit
(d) Liability
Ans:- (b)
Ledger Account is prepared from
(a) Vouchers
(b) Trial Balance
(c) Journal
(d) Financial Statements
Ans:- (c)
A Ledger is a :
(a) Principal Book
(b) Subsidiary Book
(c) Cash Book
(d) Purchase Book
Ans:- (a)
Paid to Jigyasa ₹ 11,500 in full settlement of ₹ 12,000. Posting will be made in Jigyasa’s A/c:
(a) ₹ 12,000 on Debit side
(b) ₹ 12,000 on credit side
(c) ₹ 11,500 on Debit side
(d) ₹ 11,500 on Credit side
Ans:- (a)
Proprietor of the business withdrew goods from business for private use. It will be posted to the:
(a) Credit of Drawings A/c
(b) Debit of Purchases A/c
(c) Credit of Purchases A/c
(d) None of the above
Ans:- (c)
Credit balance of a nominal account shows:
(a) Income
(b) Expenditure
(c) Asset
(d) Liability
Ans:- (a)
When total of debit side of an account exceeds than that of its credit side, it is called:
(a) Debit Balance
(b) Credit Balance
(c) Expenses
(d) Income
Ans:- (a)
Ledger is a book in which
(a) Real and Nominal Accounts are maintained
(b) Real and Personal Accounts are maintained
(c) Real, Personal and Nominal Accounts are maintained
(d) Personal and Nominal Accounts are maintained
Ans:- (c)
When all the transactions related to an account are collected at one place, it is known is:
(a) Trial Balance
(b) Balance Sheet
(c) Journal
(d) Ledger
Ans:- (d)
Debit balances show:
(a) Profits and Incomes
(b) Liabilities and Incomes
(c) Assets and Expenses
(d) None of the Above
Ans:- (c)
Credit balances show:
(a) Losses and Expenses
(b) Liabilities and Incomes
(c) Assets and Expenses
(d) All of the above
Ans:- (b)
The total of Purchases Return Column of Purchase Return Book will be posted to the:
(a) Debit of Purchases A/c
(b) Credit of Purchases A/c
(c) Debit side of Purchases Return A/c
(d) Credit side of Purchases Return A/c
Ans:- (d)
The total of Sales Return Column of Sales Return Book will be posted to the:
(a) Debit of Sales A/c
(b) Credit of Sales A/c
(c) Debit side of Sales Return A/c
(d) Credit side of Sales Return A/c
Ans:- (c)
The process of transferring the transactions from the Journal to the ledger is called
(a) Journalising
(b) Posting
(c) Balancing
(d) Costing
Ans:- (b)
What type of Ledger Accounts are not carried forward to next Year?
(a) Personal Accounts
(b) Real Accounts
(c) Nominal Accounts
(d) All of these
Ans:- (c)
Amount of sales can be ascertained from which of the following:
(a) Journal
(b) Cash Book
(c) Sales Book
(d) Sales Account
Ans:- (d)
Purchased goods from Manoj of ₹ 20,000 at 20% trade discount. Posting will be made in Manoj A/c:
(a) Debit side ₹ 20,000
(b) Credit side ₹ 20,000
(c) Debit side ₹ 16,000
(d) Credit side ₹ 16,000
Ans:- (d)
Goods returned to X will be posted to:
(a) Credit of X’s A/c
(b) Debit of Purchases Return A/c
(c) Credit of Purchases Return A/c
(d) Credit of Sales Return A/c
Ans:- (c)
A Ledger maintains:
(a) Personal Accounts
(b) Real Accounts
(c) Nominal Accounts
(d) All of the above
Ans:- (d)
What type of following accounts will have debit balance only?
(a) Personal Accounts
(b) Real Accounts
(c) Nominal Accounts
(d) All of these
Ans:- (b)
Goods returned from Vikas will be posted to the:
(a) Credit of Sales Return A/c
(b) Debit of Purchases Return A/c
(c) Debit of Vikas A/c
(d) Credit of Vikas A/c
Ans:- (d)
Dinesh who owed us ₹ 8,000 became insolvent and paid us 60% in full settlement. Posting will be made to Dinesh A/c:
(a) ₹ 8,000 on Debit side
(b) ₹ 8,000 on Credit side
(c) ₹ 4,800 on Debit side
(d) ₹ 4,800 on Credit side
Ans:- (b)
The Process of transferring entries from the books of original entry is called:
(a) Journalising
(b) Posting
(c) Totalling
(d) Balancing
Ans:- (b)
Total assets in a business are ₹ 8,00,000 and total liabilities are ₹ 5,00,000. The difference is called:
(a) Income
(b) Expenses
(c) Capital
(d) Goodwill
Ans:- (c)
Sold goods for cash of the list price of ₹ 8,000 at 10% trade discount and 3% cash discount. Posting will be made in Discount A/c:
(a) ₹ 216 on Debit side
(b) ₹ 216 on Credit side
(c) ₹ 240 on Debit side
(d) ₹ 240 on Credit side
Ans:- (a)
Credit balance of Bank Account discloses:
(a) Income
(b) Expenditure
(c) Amount payable by the bank
(d) Amount payable to the bank
Ans:- (d)
Which of the following accounts always shows a credit balance
(a) Carriage Inward
(b) Carriage Outward
(c) Return Inwards
(d) Returns Outwards
Ans:- (d)
Sold goods for cash of the list price of ₹ 10,000 at 20% trade discount and 5% cash discount. Posting will be made in Sales A/c:
(a) ₹ 7,600 on Debit side
(b) ₹ 7,600 on Credit side
(c) ₹ 8,000 on Debit side
(d) ₹ 8,000 on Credit side
Ans:- (d)
The words ‘To Balance b/d’ and ‘By Balance b/d’ are recorded in the ‘Particular Column’ at the time of posting of __________ .
(a) Compound Entries
(b) Adjusting Entries
(c) Opening Entry
(d) Closing Entry
Ans:- (c)
How many accounts are affected in a transaction?
(a) Only one
(b) Only two
(c) At least two
(d) Two or three
Ans:- (c)
A Ledger is a:
(a) Book of Original Entry
(b) Book of Final Entry
(c) Subsidiary Book
(d) Cash Book
Ans:- (b)
Which of the following accounts always shows a debit balance:
(a) Drawings A/c
(b) Purchases A/c
(c) Returns Inwards A/c
(d) All of the above
Ans:- (d)
Normally, the following accounts are balanced:
(a) Personal A/c & Nominal A/c
(b) Real A/c & Nominal A/c
(c) Only Nominal A/c
(d) Personal A/c & Real A/c
Ans:- (d)
Which of these accounts has debit balance?
(a) Income received in advance
(b) Bank Loan
(c) Prepaid insurance premium
(d) Creditors for goods
Ans:- (c)
While posting in personal accounts from the purchases book, posting is done:
(a) On Debit side
(b) On Credit side
(c) On Debit or Credit side
(d) None of the above
Ans:- (b)
When goods are lost by fire then Loss of Goods by Fire Account is debited with
(a) Cost of goods sold
(b) Cost of goods sold plus Gross Profit
(c) Cost of goods sold less Gross Profit
(d) Cost of goods purchased
Ans:- (d)
While posting in personal accounts from the sales book, posting is done:
(a) On Debit side
(b) On Credit Side
(c) On Debit or Credit side
(d) None of the above
Ans:- (a)
Which of the following is known as ‘Principal Book of Accounting’?
(a) Ledger
(b) Journal
(c) Trial Balance
(d) Balance Sheet
Ans:- (a)
The credit balance of a personal account is __________ .
(a) Cash in hand
(b) Amount receivable
(c) Income earned
(d) Amount payable
Ans:- (d)
While posting in personal accounts from the purchases return book, posting is done:
(a) On Debit side
(b) On Credit side
(c) On Debit or Credit side
(d) None of the above
Ans:- (a)
Advantages of Ledger are:
(a) Information of purchases and sales during a particular period
(b) Information of income and expenditure during a particular period
(c) Information of assets and liabilities of the business
(d) All of the above
Ans:- (d)
Which of the following account is not balanced while preparing ledger?
(a) Machinery A/c
(b) Debtor A/c
(c) Freight A/c
(d) Bank Overdraft A/c
Ans:- (c)
Balance of an account is known by the side which is
(a) Shorter
(b) Higher
(c) Equal
(d) None of these
Ans:- (b)
While posting in personal accounts from the sales return book, posting is done:
(a) On Debit side
(b) On Credit side
(c) On Debit or Credit side
(d) None of the above
Ans:- (b)
Which of the following account always shows a debit balance:
(a) Capital Account
(b) Sales Account
(c) Purchases Return Account
(d) None of the above
Ans:- (d)
Posting of a transaction means entering of that transaction in:
(a) Any two accounts
(b) Debit side of the concerned account
(c) Credit side of the concerned account
(d) Proper side of the two concerned accounts
Ans:- (d)
The posting of accounts recorded on the debit side of cash book is made:
(a) On Debit side
(b) On Credit side
(c) On Debit or Credit side
(d) None of the above
Ans:- (b)
The total of purchases book will be posted to the:
(a) Debit side of Purchases A/c
(b) Credit side of Purchases A/c
(c) Debit side of Purchases Return A/c
(d) Credit side of Purchases Return A/c
Ans:- (a)
Credit balance in a Ledger Account means
(a) either revenue or an asset
(b) either an expense or an asset
(c) either revenue or liability
(d) None of these
Ans:- (c)
Debit balance of a personal account shows
(a) Amount Payable
(b) Amount Receivable
(c) Amount Payable or receivable
(d) Cash Balance
Ans:- (b)
The total of sales book will be posted to the:
(a) Debit side of Sales A/c
(b) Credit side of Sales A/c
(c) Debit side of Sales Return A/c
(c) Credit side of Sales Return A/c
Ans:- (b)
Received ₹ 4,900 from Garima in full settlement of ₹ 5,000. Posting of ₹ 100 will be made to the:
(a) Debit side of Garima’s A/c
(b) Credit side of Garima’s A/c
(c) Debit side of Discount A/c
(d) Credit side of Discount A/c
Ans:- (c)
