Home » MCQs » Ledger or T accounts MCQs

1)

Transferring entries from journal to ledger account is commonly known as

A)  RecordingWRONG ANSWER

B)  TransferringWRONG ANSWER

C)  PostingRIGHT ANSWER!!!

D)  Entry makingWRONG ANSWER


2)

An account records the ___________ in the balance of an item

A)  IncreaseWRONG ANSWER

B)  DecreaseWRONG ANSWER

C)  Increase or decrease RIGHT ANSWER!!!

D)  AppreciationWRONG ANSWER


3)

If credit side of a bank account is greater than the debit side, it indicates which of the following?

A)  Bank overdraftRIGHT ANSWER!!!

B)  Cash at bankWRONG ANSWER

C)  Bank balanceWRONG ANSWER

D)  Current AssetWRONG ANSWER


4)

If debit side of a bank account is greater than credit side it indicates which of the following?

A)  Cash at bankRIGHT ANSWER!!!

B)  Bank understatementWRONG ANSWER

C)  Bank overdraftWRONG ANSWER

D)  Balance overstatementWRONG ANSWER


5)

_________ will be credited if goods are given as charity

A)  CashWRONG ANSWER

B)  CharityWRONG ANSWER

C)  PurchasesRIGHT ANSWER!!!

D)  SalesWRONG ANSWER


6)

Which of the following is known as the base for preparing trial balance?

A)  JournalWRONG ANSWER

B)  Cash accountWRONG ANSWER

C)  Ledger accountRIGHT ANSWER!!!

D)  Balance sheetWRONG ANSWER


7)

If debit balance is greater than creadit balance then the account blance will be:

A)  Credit balanceWRONG ANSWER

B)  Debit and credit balanceWRONG ANSWER

C)  Cash balanceWRONG ANSWER

D)  Debit balanceRIGHT ANSWER!!!


8)

The normal balance of capital account is

A)  Credit balanceRIGHT ANSWER!!!

B)  Debit balanceWRONG ANSWER

C)  Cash balanceWRONG ANSWER

D)  Neither debit nor credit balanceWRONG ANSWER


9)

The normal balance of asset account is

A)  Credit balanceWRONG ANSWER

B)  Debit balanceRIGHT ANSWER!!!

C)  Cash balanceWRONG ANSWER

D)  Neither debit nor credit balanceWRONG ANSWER


10)

The normal balance of liability account is

A)  Debit balanceWRONG ANSWER

B)  Credit balanceRIGHT ANSWER!!!

C)  Cash balanceWRONG ANSWER

D)  Neither debit nor credit balanceWRONG ANSWER







Browse All Financial Accounting MCQs+