Accounts 11th

Main objective of preparing ledger account is to______

• Ascertain the profit or loss

• Ascertain the financial position

• Know the balance of each ledger account

• Ascertain the profit or loss and the financial position

The process of transferring the debit and credit items from journal to ledger accounts is called ……………..

• Posting

• Casting

• Balancing

• Journalising

JF means ……………..

• Ledger page number

• Order number

• Voucher number

• Journal page number

The process of finding the net amount from the totals of debit and credit columns in a ledger is known as ……………..

• Casting

• Balancing

• Posting

• Journalising

If the total of the debit side of an account exceeds the total of its credit side, it means

• Credit balance

• Debit balance

• Nil balance

• Debit and credit balance

The trial balance contains the balances of ………………

• Only real accounts

• Only personal accounts

• All accounts

• Only nominal accounts

A list which contains balances of accounts to know whether the debit and credit balances are matched is ………………

• Day book

• Trial balance

• Balance sheet

• Journal

Which of the following method(s) can be used for preparing trial balance?

• Balance method

• Total method

• (a), (b) and (c)

• Total and Balance method

The account which has a debit balance and is shown in the debit column of the trial balance is ………………

• Bills payable account

• Sundry creditors account

• Capital account

• Drawings account

The difference of totals of both debit and credit side of trial balance is transferred to ………………

• Difference account

• Suspense account

• Trading account

• Miscellaneous account