Bookkeeping And Accounting Quiz!

Approved & Edited by ProProfs Editorial Team
The editorial team at ProProfs Quizzes consists of a select group of subject experts, trivia writers, and quiz masters who have authored over 10,000 quizzes taken by more than 100 million users. This team includes our in-house seasoned quiz moderators and subject matter experts. Our editorial experts, spread across the world, are rigorously trained using our comprehensive guidelines to ensure that you receive the highest quality quizzes.
Learn about Our Editorial Process
| By Riyona.lewis
R
Riyona.lewis
Community Contributor
Quizzes Created: 1 | Total Attempts: 446
Questions: 10 | Attempts: 446

SettingsSettingsSettings
Bookkeeping And Accounting Quiz! - Quiz


Do you have any experience with bookkeeping and accounting? Bookkeeping is the recording of financial transactions and is part of accounting in business and other organizations. Accounting is the calculation, processing, and communication of financial and non-financial information about economic entities such as businesses and corporations, and the data can be used among investors, creditors, management, and regulations. This quiz will bring you high numbers when you go to take the test.


Questions and Answers
  • 1. 

    Ledger is a principal book of accounts.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The statement "Ledger is a principal book of accounts" is true. A ledger is a primary book of accounts that records all financial transactions of a business. It contains individual accounts for assets, liabilities, equity, revenue, and expenses. The ledger is used to maintain a complete and accurate record of all financial activities, making it an essential tool for tracking and analyzing the financial health of a business.

    Rate this question:

  • 2. 

    The ledger is not important to prepare the final account.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The ledger is an essential component in preparing the final account. It is a record of all financial transactions, including assets, liabilities, income, and expenses. The ledger provides detailed information that is necessary for accurately preparing the final account, such as calculating profit or loss, determining the financial position of the company, and ensuring that all transactions are properly recorded. Without the ledger, it would be challenging to compile the necessary information and accurately present the financial position of the company in the final account. Therefore, the statement that the ledger is not important to prepare the final account is false.

    Rate this question:

  • 3. 

    Ledger is also known as Final entry.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The statement is true because a ledger is a book or a computerized record that contains all the final entries of financial transactions. It is where all the accounts and balances are recorded, making it the final and most comprehensive record of a company's financial transactions. Therefore, it is correct to say that a ledger is also known as the final entry.

    Rate this question:

  • 4. 

    The credit side of Particulars is denoted by the word 'By'.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The credit side of Particulars is denoted by the word 'By'. This means that whenever a transaction or entry is recorded on the credit side of an account, the word 'By' is used to indicate the source or origin of the entry. This convention is followed in double-entry bookkeeping to maintain consistency and clarity in recording financial transactions. By using 'By' on the credit side, it helps to distinguish it from the debit side, which is denoted by the word 'To'.

    Rate this question:

  • 5. 

    The full form of JF is Journal Folio.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The given statement is true. JF stands for Journal Folio.

    Rate this question:

  • 6. 

    The Software used to prepare Ledger A/c is Tally ERP 9.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The given statement is true because Tally ERP 9 is a widely used software for preparing Ledger A/c. It is specifically designed for accounting purposes and provides features like maintaining financial records, generating reports, and managing inventory. Many businesses and organizations use Tally ERP 9 to streamline their accounting processes and ensure accurate and efficient ledger preparation.

    Rate this question:

  • 7. 

    By preparing ledgers financial positions can not  be known easily. 

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Preparing ledgers is an essential part of accounting that helps in organizing and recording financial transactions. Ledgers provide a detailed overview of a company's financial activities, including assets, liabilities, revenues, and expenses. By maintaining accurate and up-to-date ledgers, businesses can easily determine their financial positions and make informed decisions. Therefore, the statement that preparing ledgers cannot help in knowing financial positions easily is incorrect.

    Rate this question:

  • 8. 

    The full form of LF is Ledger Folio.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The correct answer is true because LF stands for Ledger Folio. Ledger Folio is a reference number or page number that is used to locate a specific entry in a ledger. It helps in organizing and tracking transactions in the ledger, making it easier to find and analyze financial information. Therefore, the statement that LF stands for Ledger Folio is correct.

    Rate this question:

  • 9. 

    The Debit side of Particulars is denoted by the words 'By'. 

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The Debit side of Particulars is not denoted by the words 'By'. In accounting, the Debit side is typically denoted by the word 'To', while the Credit side is denoted by the word 'By'. Therefore, the given statement is false.

    Rate this question:

  • 10. 

    The specimen of Ledger is in 'T' form.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The statement "The specimen of Ledger is in 'T' form" is true. This means that the layout or format of the ledger is in the shape of a 'T', with the account names listed on the left side and the debit and credit columns on the right side. This format is commonly used in bookkeeping to record and summarize financial transactions.

    Rate this question:

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Oct 06, 2020
    Quiz Created by
    Riyona.lewis
Back to Top Back to top
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.