Ledger Accounts
Commerce ⇒ Accountancy
Ledger Accounts starts at 11 and continues till grade 12.
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A ledger account has a debit balance of Rs. 2,000. What does this indicate?
Explain the difference between a subsidiary book and a ledger.
Explain the importance of balancing ledger accounts at the end of an accounting period.
Explain the process of posting from the journal to the ledger.
Explain the term 'balancing of an account'.
State the rule for posting entries in a nominal account.
State the rule for posting entries in a real account.
State the three types of accounts maintained in the ledger.
A ledger account is said to be balanced when: (1) Both sides are equal (2) The difference is carried forward (3) The account is closed (4) The balance is transferred to the trial balance
A ledger account shows a credit balance of Rs. 5,000. This means: (1) Total debits exceed total credits by Rs. 5,000 (2) Total credits exceed total debits by Rs. 5,000 (3) Both sides are equal (4) None of these
If a transaction is posted to the wrong side of a ledger account, what type of error is it? (1) Error of omission (2) Error of commission (3) Error of principle (4) Compensating error
Which of the following is a nominal account? (1) Capital Account (2) Rent Account (3) Debtors Account (4) Machinery Account
A ledger account is closed by writing the balance on the side with the ________ total.
A trial balance is prepared from the balances of ________ accounts.
If the debit side of a ledger account exceeds the credit side, the account will have a ________ balance.
In the ledger, the account which receives the benefit is ________ and the account which gives the benefit is ________.
Is it correct to say that the ledger provides a classified record of all transactions?
Is it true that every transaction affects at least two ledger accounts?
Is it true that the ledger helps in the preparation of the trial balance?
Is the following statement true or false? 'The ledger contains only personal accounts.'
