General Ledger Questions! Trivia Quiz
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- 1.General ledger adjustment account(s) is/are opened in_____________.
- A.
Debtors ledger
- B.
General ledger
- C.
Creditors ledger
- D.
Both (a) and (c)
- 2.Writing of transaction in the ledger is called ______________.
- A.
Casting
- B.
Balancing
- C.
Journalizing 12
- D.
Posting
- 3.In ledger there are __________ columns.
- A.
4
- B.
6
- C.
8
- D.
10
- 4.On 31st March 2005, Suraj has to pay to M/s Chandra Rs.7,000 on account of credit purchase from the latter. He paid Rs.1,800 on 30th June 2006 after availing a cash discount of 10%. On 30th September 2006, he paid Rs. 2,850 after availing 5% cash discount. On account of final settlement, the amount to be paid by Suraj without any discount will be?
- A.
Rs 2,350
- B.
Rs. 2,000
- C.
Rs.2,200
- D.
Rs.2,150
- 5.The left side of an account is known as ________ and the right side as ___________
- A.
Debit, credit
- B.
Credit, debit
- C.
Liability, asset
- D.
None of the three
- 6.If the total of all debits of a ledger account is more than the total of all credits of the same account, then the balancing figure is placed at the ________.
- A.
Debit side of that ledger account.
- B.
Credit side of that ledger account.
- C.
End of that ledger account as a footnote.
- D.
None of the above.
- 7._____ will generally show a debit balance.
- A.
Bank Loan.
- B.
Bad debts recovered.
- C.
Salary payable.
- D.
Drawings.
- 8.Which of the following accounts will have a credit balance?
- A.
Sales returns.
- B.
Bills receivable,
- C.
Carriage inwards.
- D.
Outstanding wages
- 9.In the case of debit balance, the words _________ are written on the debit side.
- A.
To balance b/d.
- B.
To balance c/d.
- C.
By balance b/d.
- D.
By balance c/d.
- 10.An account is a formal record of changes items of______________ nature.
- A.
Revenue
- B.
Expense
- C.
Debit
- D.
Similar
- 11.In case of credit balance, the words _____________ are written on the credit side.
- A.
To balance b/d
- B.
To balance c/d
- C.
By balance b/d
- D.
By balance c/d
- 12.Opening Debtors Rs.10,200 Cash Received from debtors during the year (as per cash book) Rs. 30,400 Returns inwards Rs. 2,700 Bad debts Rs. 1,200 Debtors at end Rs. 13,800 Cash Sales (As percash book) Rs.28,400 Total Sales will be
- A.
Rs.66,300
- B.
Rs.66,000
- C.
Rs.65,000
- D.
Rs.66,500
- 13.Bank overdraft has a
- A.
Debit balance
- B.
Credit balance
- C.
Negative balance
- D.
None of the above
- 14.Total sales during the year amounted to Rs. 70,000; Cash sales Rs. 10,000; Outstanding debtors at the end of the year Rs. 25,000. Cash received from debtors during the year will be
- A.
Rs. 35,000
- B.
Rs. 30,000
- C.
Rs. 37,000
- D.
Rs. 32,000
- 15.Credit balances in the ledger will be
- A.
A revenue or an asset
- B.
An expense or an asset
- C.
A revenue or a liability
- D.
None of the three
- 16.Which of the following account will have debit balance?
- A.
Reserve for doubtful debts account
- B.
Outstanding wages
- C.
Capital account (Machinery brought in business)
- D.
Loan to contractor
- 17.All of the following have debit balance except one. That account is
- A.
Wages outstanding account
- B.
Loan to contractor
- C.
Debtors Account
- D.
Goodwill
- 18.Cash Sales 50,000 Cash Collected from debtors 1,30,000 Bad Debts during the year 5,000 Debtors at the beginning 10,000 Total sales will be
- A.
Rs. 175,000
- B.
Rs. 170,000
- C.
Rs. 180,000
- D.
Rs. 178,000
- 19.Opening debtors 20,000 Total sales 90,000 Cash sales 20,000 Cash received from debtors 20,000 Bad debts 3,000 Return inward 1,000 Bills received from customers 10,000 Debtors at end will be
- A.
56,000
- B.
70,000
- C.
60,000
- D.
65,000
- 20.Trial balance is a statement which shows the_______ or the_______ of all the accounts.
- A.
Balances; Total and balances.
- B.
Opening Balances; Closing balances
- C.
Posted balances; Total of balances
- D.
Debt balance; Credit balance
- 21.Which of the following account will have credit balance?
- A.
Debentures A/c
- B.
Carriage inward
- C.
Prepared insurance
- D.
Bills receivable
- 22.Ramesh, an employee got a salary Rs. 10,000 and withdrew goods of Rs. 7,000 (cost price Rs. 6,000) for personal use and got salary Rs. 6000. The excess payment will be?
- A.
Rs 2000
- B.
Rs 3000
- C.
Rs.4000
- D.
None of the three
- 23.Purchase of Building from Bank:
- A.
Decrease in total liabilities
- B.
Increase in total assets
- C.
Decrease in total assets
- D.
No effect of total of assets
- 24.Accounts payable has ______________ balance.
- A.
Credit
- B.
Unfavourable
- C.
Debit
- D.
Favourable
- 25.Purchases for cash:
- A.
Lncrease liability
- B.
Decrease assets
- C.
No change in the total assets
- D.
Increase assets
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