General Ledger (11-20)

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

(a) Increase

(b) Decrease

(c) Increase & Decrease

(d) None of them

Correct! Wrong!

12. The balance of cash account indicates?

(a) Net cash on hand

(b) Net loss for the period

(c) Net income for the period

(d) Net worth of the business

Correct! Wrong!

13. Which of the following item is not included in the Cash account?

(a) Purchases of Rs. 10,000

(b) Sales of Rs.5,000

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

(d) Credit sales of Rs. 22,000

Correct! Wrong!

14. Which accounts belong in the accounts payable ledger?

(a) Customer Accounts

(b) Vendor Accounts

(c) Sales Accounts

(d) None

Correct! Wrong!

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

(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

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

(d) None of above

Correct! Wrong!

16. Book of account where transaction related to a particular person or thing are recorded?

(a) General Journal

(b) Trial balance

(c) General Ledger

(d) Worksheet

Correct! Wrong!

17. When a Liability is reduced or decreased, it is recorded on the?

(a) Right or debit side of the account

(b) Left or debit side of the account

(c) Left or credit side of the account

(d) Right or credit side of the account

Correct! Wrong!

18. General Ledger is also known as?

(a) Book of original entry

(b) T Account

(c) Source document

(d) Voucher

Correct! Wrong!

19. The records that are kept for the individual asset, liability, equity, revenue, expense, and drawing components are known?

(a) Journals

(b) Vouchers

(c) Accounts

(d) Statements

Correct! Wrong!

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

(a) Credit, Credit, Credit

(b) Debit, credit, debit

(c) Credit, Debit, Debit

(d) Credit, Debit, Credit

Correct! Wrong!

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

12. The balance of cash account indicates?

13. Which of the following item is not included in the Cash account?

14. Which accounts belong in the accounts payable ledger?

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

16. Book of account where transaction related to a particular person or thing are recorded?

17. When a Liability is reduced or decreased, it is recorded on the?

18. General Ledger is also known as?

19. The records that are kept for the individual asset, liability, equity, revenue, expense, and drawing components are known?

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

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