State whether the following statement are ‘True or False’ with reason :
Ledger posting is made before journal entry.
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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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if letters of the word MATHEMATICS are arranged then the probability that C come before E,E before H ,H before I and I before S
Correct Answer - C `(c )` The total number of arrangments is `(11!)/(2!2!2!)=(11!)/(8)` The number of arrangements in which `CE,H,I,S` appear in that order `"^(11)C_(5)(6!)/(2!2!2!)=(11!)/(8*5!)` `:.` Required Proability `=((11!)/(8*5!))/((11!)/(8))=(1)/(120)`
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Totalling of Journal or Ledger is called as _________
Correct option is (c) Casting
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Posting implies recording a transaction in a journal.
This statement is False. Posting means transferring or recording journal entries from the journal to the respective ledger accounts. Ledger is the main book of accounting.
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The process of entering or recording the transactions in the Journal is called posting.
The process of entering or recording the transaction in a Journal is called Journalising
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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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____________ is the act of transferring an entry from journal to ledger.
Correct option is (d) Posting
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Recording of a transaction in the journal is called posting.
This statement is False. The process of recording a transaction in the Journal is called Journalising. Posting means transferring journal entries to respective ledger accounts
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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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