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General Ledger MCQs | Accountancy Knowledge

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General Ledger MCQs

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Result GAT UU aa General Ledger MCQs Contents [ show ] MCQs 1 To 10 Leasing

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

(a) Cash at Bank

(b) Bank Loan

(b)

Bank Loan

(c) Bank Overdraft

(c)

(a) Cash at Bank (b) Bank Loan (c) Bank Overdraft 2 www.accountancyknowledge.com/general-ledger-mcqs/ 1/17
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General Ledger MCQs | Accountancy Knowledge

(d) None of them  

(d)

None of them

 
 

Correct!

 

2.

The payment to a creditor will?

(a) Increase one asset and decrease another

(a)

Increase one asset and decrease another

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

(b)

Decrease an asset and decrease owner’s equity

(c) Decrease an asset and decrease a liability

(c)

Decrease an asset and decrease a liability

(d) Increase an asset and increase a liability

(d)

Increase an asset and increase a liability

 

Correct!

 

3.

The T-account is used to summarize which of

the following?

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

(a)

Increase and decrease to a single account in the accounting system

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

(b)

Debit and credit to a single account in the accounting system

(c) Changes in specific account balances over a time period

(c)

Changes in specific account balances over a time period

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

(d)

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

 

Correct!

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4.

Credit means?

5/15/2019

General Ledger MCQs | Accountancy Knowledge

(a) Entries on the right hand side    

(a)

Entries on the right hand side

   
(b) A decrease in liabilities

(b)

A decrease in liabilities

(c) An increase in expenses

(c)

An increase in expenses

(d) An increase in assets

(d)

An increase in assets

 

Correct!

 

5.

Ledger is a principal book in which?

(a) Only real account are kept  

(a)

Only real account are kept

 
(b) Only personal accounts are kept

(b)

Only personal accounts are kept

(c) All accounts are kept

(c)

All accounts are kept

(d) Only nominal accounts are kept

(d)

Only nominal accounts are kept

 

Correct!

 

6.

The left hand side of account is referred to as?

(a) The Balance  

(a)

The Balance

 
(b) A Debit

(b)

A Debit

 
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(c) A Credit

(c)

A Credit

(d) A footing    

(d)

A footing

   

5/15/2019

General Ledger MCQs | Accountancy Knowledge

 

Correct!

 
 

7.

Excess of Debit side over Credit side is called?

(a) Debit Balance

(a)

Debit Balance

(b) Credit Balance

(b)

Credit Balance

(c) Liability Accounts

(c)

Liability Accounts

(d) All of before

(d)

All of before

 

Correct!

 

8.

Which item will appear on the credit side of

ledger account?

(a) Cash received

(a)

Cash received

(b) Purchases

(b)

Purchases

(c) Discount received

(c) Discount received

(d) Rent Expenses

(d)

Rent Expenses

 

Wrong!

 

9.

The process of transferring the debit and credit

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items from a journal to their respective account in the ledger is termed as?

5/15/2019

General Ledger MCQs | Accountancy Knowledge

(a) Balancing (b) Posting (c) Arithmetic (d) Entry Correct! 10. Ledger is a book of?
(a)
Balancing
(b)
Posting
(c)
Arithmetic
(d)
Entry
Correct!
10. Ledger is a book of?
(a)
Original entry
(b)
Final entry
(c) Secondary entry
(d)
All cash transactions
Wrong!
General Ledger (1-10)
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>> Study General Ledger.

 

MCQs 11 To 20

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

(a) Increase

(a)

Increase

(b) Decrease

(b)

Decrease

(c) Increase & Decrease

(c)

Increase & Decrease

(d) None of them

(d)

None of them

Correct!

 

12. The balance of cash account indicates?

(a) Net cash on hand

(a)

Net cash on hand

(b) Net loss for the period 2

(b)

Net loss for the period

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(c) Net income for the period

(c)

Net income for the period

(d) Net worth of the business

(d)

Net worth of the business

5/15/2019

General Ledger MCQs | Accountancy Knowledge

Correct! 13. Which of the following item is not included in the Cash account? (a)
Correct! 13. Which of the following item is not included in the Cash account? (a)

Correct!

13. Which of the following item is not included in

the Cash account?

(a) Purchases of Rs. 10,000

(a) Purchases of Rs. 10,000

(b) Sales of Rs.5,000

(b) Sales of Rs.5,000

(c) Received cash for Salman Rs. 2,000

(c) Received cash for Salman Rs. 2,000

(d) Credit sales of Rs. 22,000

(d) Credit sales of Rs. 22,000

Correct!

14. Which accounts belong in the accounts

payable ledger?

(a) Customer Accounts

(a) Customer Accounts

(b) Vendor Accounts

(b) Vendor Accounts

(c) Sales Accounts

(c) Sales Accounts

(d) None

(d) None

Wrong!

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

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2

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General Ledger MCQs | Accountancy Knowledge

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

(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

(b)

There are more entries on the debit side than on the credit side

(c) The last entry of the accounting period was posted on the debit side

(c)

The last entry of the accounting period was posted on the debit side

(d) None of above

(d)

None of above

Correct!

 

16.

Book of account where transaction related to a

particular person or thing are recorded?

 
(a) General Journal

(a)

General Journal

(b) Trial balance

(b)

Trial balance

(c) General Ledger

(c) General Ledger

(d) Worksheet

(d)

Worksheet

Wrong!

 

17.

When a Liability is reduced or decreased, it is

recorded on the?

 
(a) Right or debit side of the account

(a)

Right or debit side of the account

 
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(b) Left or debit side of the account

(b)

Left or debit side of the account

(c) Left or credit side of the account    

(c)

Left or credit side of the account

   

5/15/2019

General Ledger MCQs | Accountancy Knowledge

(d) Right or credit side of the account    

(d)

Right or credit side of the account

   

Correct!

 

18.

General Ledger is also known as?

(a) Book of original entry  

(a)

Book of original entry

 
(b) T Account

(b)

T Account

(c) Source document

(c)

Source document

(d) Voucher

(d)

Voucher

Correct!

 

19.

The records that are kept for the individual

asset, liability, equity, revenue, expense, and drawing components are known?

 
(a) Journals

(a)

Journals

(b) Vouchers

(b)

Vouchers

(c) Accounts

(c)

Accounts

(d) Statements

(d)

Statements

 
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Correct!

 

5/15/2019

General Ledger MCQs | Accountancy Knowledge

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

(a) Credit, Credit, Credit

(a) Credit, Credit, Credit

(b) Debit, credit, debit

(b)

Debit, credit, debit

(c) Credit, Debit, Debit

(c) Credit, Debit, Debit

(d) Credit, Debit, Credit

(d)

Credit, Debit, Credit

Wrong!

General Ledger (11-20)

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