____________ is the act of transferring an entry from journal to ledger.
(a) Journalising
(b) Casting
(c) Balancing
(d) Posting
1 Answers
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Create ledger accounts using the accounting Package. Create ledger accounts for the following and allocate proper groups.
Step 1: You Can select an already created company using the ‘Select Existing Company ’ Option on Opening Screen. Step 2: Log in with User Name and Password Step 3: To create an...
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Totalling of Journal or Ledger is called as _________
Correct option is (c) Casting
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The work of accounting depends upon ____________ (a) book-keeping (b) cash book (c) subsidiary books (d) ledger
Correct option is (a) book-keeping
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Why is a journal called the book of prime entry?
Journal is called a book of prime entry because all the business transactions are recorded first in the journal in a chronological order i.e. in the order of their occurrence.
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____________ is prepared from the balances in the ledger accounts.
Correct option is (d) Trial Balance
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Ledger Folio and index are necessary for the ledger.
This statement is True. The index is necessary to final particular account on its page number and ledger folio number is also necessary for cross-checking with the journal book. This makes...
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Ledger posting is not necessary for journal proper.
This statement is False. Ledger posting is necessary for journal proper. From Ledger trial balance and financial statements are prepared for the accounting year. Without posting of journal proper Trial balance and...
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Ledger Folio is recorded in the journal.
This statement is True. Ledger folio is a page of the ledger, where posting is made from a journal book. For cross-reference, the ledger folio is recorded in the journal.
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Ledger posting is made before journal entry.
This statement is False. Ledger posting is made after journal entry. First, all transactions are recorded to Journal and from the journal, posting is made to Ledger.
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Complete the following table : Ledger Journal
Ledger Trial Balance Journal Ledger
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