Note – Please take our quiz ‘Quiz 51 – Ledger – (Answers)‘ on this page before going through the below answers. Only the top 3% of our audience scored 10/10 in all of them.
- Name – Quiz 51 – Ledger – (Answers)
- Topic – Ledger
- Answers with Explanation
Q1. Ledger is called the _____ book of accounts.
Ans. Ledger is called the principal book of accounts.
Q2. _____ is the process of transferring the journal entries in the ledger.
Ans. Posting is the process of transferring the journal entries in the ledger.
Q3. Ledger records the transactions in chronological order.
Ans. The following statement is False. Ledger records the transactions in analytical order.
Q4. Ledger accounts of liabilities will always be debited when they are increased.
Ans. The following statement is False. Ledger accounts of assets will always be debited when they are increased.
Q5. The word “_____” is used with accounts on the debit side of the ledger.
Ans. The word “To” is used with accounts on the debit side of the ledger.
Q6. “To Balance c/d” means _____.
Ans. “To Balance c/d” means carried down.
Q7. “To Balance b/d” means _____.
Ans. “To Balance b/d” means brought down.
Q8. _____ is prepared before the ledger.
Ans. Journal is prepared before the ledger.
Q9. The word “_____” is used with accounts on the credit side of the ledger.
Ans. The word “By” is used with accounts on the credit side of the ledger.
Q10. Ledger is the same as the journal.
Ans. The following statement is False. Ledger is not the same as the journal.
Q11. _____ is prepared from ledger balances.
Ans. Trial Balance is prepared from ledger balances.
Q12. J.F. stands for _____.
Ans. J.F. stands for Journal Folio.
Q13. Assets, _____ and Capital A/c are always balanced.
Ans. Assets, Liabilities and Capital A/c are always balanced.
Q14. Ledger is prepared only for nominal accounts.
Ans. The following statement is False. Ledger is prepared for all types of accounts.
