Journal, Ledger and Trial Balance

Cash paid to Nadeem will affect: (2015)

• Cash and Owner's Equity

• Cash and Creditor

• Cash and Debtor

• Cash and Goods

"T" account is the simplest form of a: (2015)

• Journal

• Ledger

• Trial balance

• Final account

Credit the increase in: (2015)

• Assets, Expenses

• Assets, Capital and Liabilities

• Revenue, Capital and Liabilities

• Expenses, Capital and Liabilities

A business transaction affects: (2015)

• At least one account

• At least two accounts

• Maximum two accounts

• Maximum three accounts

If the two sides of an account are equal then account will show: (2015)

• Debit balance

• Zero balance

• Credit balance

• Debit, Credit balance

Left hand side of an account is called: (2015)

• Debit side

• Credit side

• Both A and B

• None of these

Discount allowed to Pirbhat will be credited to: (2016)

• Pirbhat's account

• Cash account

• Discount allowed account

• None of these

The process of recording transactions in ledger is called: (2016)

• Recording

• Journalizing

• Transferring

• Posting

Ledger is a book in which: (2016)

• Only personal and cash accounts are opened

• Only real accounts are opened

• Only nominal accounts are opened

• All, real, nominal and personal accounts are opened

Cash sales to Ahmed Raza will be posted to debit side of: (2016)

• Ahmed Raza's account

• Sales account

• Cash account

• None of these