General Ledger MCQs

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MCQs 1 To 10

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1. If debit side of bank account is greater than credit side it represents?

(a) Cash at Bank

(b) Bank Loan

(d) None of them

Correct! Wrong!

2. The payment to a creditor will?

(a) Increase one asset and decrease another

(b) Decrease an asset and decrease owner’s equity

(d) Increase an asset and increase a liability

Correct! Wrong!

3. The T-account is used to summarize which of the following?

(a) Increase and decrease to a single account in the accounting system

(b) Debit and credit to a single account in the accounting system

(d) All of the above describe how T-accounts are used by accountants

Correct! Wrong!

4. Credit means?

(a) Entries on the right hand side

(b) A decrease in liabilities

(d) An increase in assets

Correct! Wrong!

5. Ledger is a principal book in which?

(a) Only real account are kept

(b) Only personal accounts are kept

(d) Only nominal accounts are kept

Correct! Wrong!

6. The left hand side of account is referred to as?

(a) The Balance

(b) A Debit

(d) A footing

Correct! Wrong!

7. Excess of Debit side over Credit side is called?

(a) Debit Balance

(b) Credit Balance

(d) All of before

Correct! Wrong!

8. Which item will appear on the credit side of ledger account?

(a) Cash received

(b) Purchases

(d) Rent Expenses

Correct! Wrong!

9. The process of transferring the debit and credit items from a journal to their respective account in the ledger is termed as?

(a) Balancing

(b) Posting

(d) Entry

Correct! Wrong!

10. Ledger is a book of?

(a) Original entry

(b) Final entry

(d) All cash transactions

Correct! Wrong!

General Ledger (1-10)

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MCQs 11 To 20

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11. The account is a device used by the accountant to record?

(a) Increase

(b) Decrease

(d) None of them

Correct! Wrong!

12. The balance of cash account indicates?

(a) Net cash on hand

(b) Net loss for the period

(d) Net worth of the business

Correct! Wrong!

13. Which of the following item is not included in the Cash account?

(a) Purchases of Rs. 10,000

(b) Sales of Rs.5,000

(d) Credit sales of Rs. 22,000

Correct! Wrong!

14. Which accounts belong in the accounts payable ledger?

(a) Customer Accounts

(b) Vendor Accounts

(d) None

Correct! Wrong!

15. An account is said to have a debit balance if?

(a) The amount of debit exceeds the amount of the credits

(b) There are more entries on the debit side than on the credit side

(d) None of above

Correct! Wrong!

16. Book of account where transaction related to a particular person or thing are recorded?

(a) General Journal

(b) Trial balance

(d) Worksheet

Correct! Wrong!

17. When a Liability is reduced or decreased, it is recorded on the?

(a) Right or debit side of the account

(b) Left or debit side of the account

(d) Right or credit side of the account

Correct! Wrong!

18. General Ledger is also known as?

(a) Book of original entry

(b) T Account

(d) Voucher

Correct! Wrong!

19. The records that are kept for the individual asset, liability, equity, revenue, expense, and drawing components are known?

(a) Journals

(b) Vouchers

(d) Statements

Correct! Wrong!

20. The respective normal account balances of Sales, Sales Returns and Allowances, and Sales Discounts are?

(a) Credit, Credit, Credit

(b) Debit, credit, debit

(d) Credit, Debit, Credit

Correct! Wrong!

General Ledger (11-20)

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Related Exams

Principles of Accounting

Accounting MCQs

Accounting Problems

Accounting Slides

Accounting Workbook

References

Mukharji, A., & Hanif, M. (2003). Financial Accounting (Vol. 1). New Delhi: Tata McGraw-Hill Publishing Co.

Narayanswami, R. (2008). Financial Accounting: A Managerial Perspective. (3rd, Ed.) New Delhi: Prentice Hall of India.

Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.

4 Comments

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General Ledger MCQs

MCQs 1 To 10

Click The Option and See Result

1. If debit side of bank account is greater than credit side it represents?

2. The payment to a creditor will?

3. The T-account is used to summarize which of the following?

4. Credit means?

5. Ledger is a principal book in which?

6. The left hand side of account is referred to as?

7. Excess of Debit side over Credit side is called?

8. Which item will appear on the credit side of ledger account?

9. The process of transferring the debit and credit items from a journal to their respective account in the ledger is termed as?

10. Ledger is a book of?

MCQs 11 To 20

Click The Option and See Result

11. The account is a device used by the accountant to record?

12. The balance of cash account indicates?

13. Which of the following item is not included in the Cash account?

14. Which accounts belong in the accounts payable ledger?

15. An account is said to have a debit balance if?

16. Book of account where transaction related to a particular person or thing are recorded?

17. When a Liability is reduced or decreased, it is recorded on the?

18. General Ledger is also known as?

19. The records that are kept for the individual asset, liability, equity, revenue, expense, and drawing components are known?

20. The respective normal account balances of Sales, Sales Returns and Allowances, and Sales Discounts are?

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