____________ is prepared from the balances in the ledger accounts.
(a) List
(b) Journal
(c) Book
(d) Trial Balance
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Which statement is prepared under the Single Entry system to ascertain the capital balances?
A statement of Affairs is prepared under a single entry system to ascertain capital balances.
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i. The capital balances are ascertained by preparing ______ (a) Statement of Affairs (b) Cash Account (c) Drawings Accounts
i. (a) Statement of Affairs ii. (a) Opening Liabilities iii. (b) Deducted iv. (a) Sole traders v. (d) Added
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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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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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From which books of accounts posting is made in the Ledger?
From Journal and Subsidiary books posting is made in the ledger.
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(i) A book of accounts in which all ledger accounts are maintained.
(i) Ledger (ii) Nominal Accounts (iii) Purchases Account (iv) Trial Balance
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____________ is the act of transferring an entry from journal to ledger.
Correct option is (d) Posting
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Ledger accounts are balanced every day.
This statement is False. Ledger accounts are balanced on a particular period of time or on the accounting year of the firm. They are not balanced every day.
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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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Enter the following transactions in subsidiary books, post them into Ledger and prepare a Trial Balance : The following balances existed in Sunil Bros
Correct Answer - Cash Balance Rs 6,500; Bank Balance Rs 42,180; Total of Purchases Book Rs 51,300; sales Book Rs 67,000; Sales Return Book Rs 7,000; Total of Journal Proper...
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