1- A trial balance is:
A). A balance sheet
B). A rough draft of the final Accounts
C). A list of the balances in the ledger✔️
D). None of the above
2- The ledger is the book for the:
A). First entry
B). Second entry✔️
C). Third entry
D). Fourth entry
3- The ledger is the book for the:
A). Chronological record
B). Daily record
C). Analytical record✔️
D). None of the above
4- In case, the trial balance is not prepared, it will be almost impossible to prepare:
A). The journal
B). The ledger
C). The financial statements✔️
D). None of the above
5- The ruling of a trial balance is similar to that of:
A). A journal✔️
B). A ledger
C). A balance sheet
D). None of the above
6- Cash sales to Mr. Ali will be posted to credit side of:
A). Mr. AH account
B). Account
C). Sales account✔️
D). None of the above
7- Salary paid in cash to Rahta will be posted to salary account on the:
A). Credit side
B). Debit Side✔️
C). Both sides
D). None of the above
8- Building purchased for cash will be posted to building account on the:
A). Debit Side✔️
B). Credit side
C). Both sides
D). None of the above
9- Cash purchased from Khalid will be posted to debit Side of:
A). Cash A/c
B). Sale A/c
C). Purchase A/c✔️
D). Expense A/c
10- The person to whom we are indebted is:
A). Debtor
B). Creditor✔️
C). Employee
D). Agent
11- The person who is indebted to us is ours:
A). Debtor✔️
B). Creditor
C). Owner
D). Agent
12- The amount with which a business is started is called:
A). Capital✔️
B). Loan
C). Profit
D). Investment
13- The left hand side of Account is called:
A). Credit side
B). Debit Side✔️
C). Both credit and debit Sides
D). None of the above
14- The right hand side of an Account is called:
A). Debit Side
B). Credit side✔️
C). Both debit and credit sides
D). None of the above
15- Transactions relating to income- Expenditure and profit- loss are recorded in:
A). Real Account
B). Nominal Account✔️
C). Personal Account
D). Capital Account
16- Transactions relating to persons or institutions:
A). Real Account
B). Nominal Account
C). Personal Account✔️
D). None of the above
17- Transactions relating to properties or assets are recorded in:
A). Real Account✔️
B). Nominal Account
C). Personal Account
D). None of the above
18- The difference of the totals of the two sides of an account is called:
A). Brought forward✔️
B). Carry forward
C). Balance
D). None of the above
19- The arithmetical accuracy of books of account is verified through:
A). Journal
B). Ledger
C). Trial Balance✔️
D). None of the above
20- Cash transactions, are recorded in:
A). Creditor’s
B). Debtor’s book
C). Cash book✔️
D). None of the above
21- Transactions are primarily recorded in:
A). Journal✔️
B). Ledger
C). Trial Balance
D). Balance sheet
22- Transactions are finally recorded in:
A). Journal
B). Ledger✔️
C). Trial Balance
D). None of the above
23- Journal is called:
A). Book of original entry✔️
B). Book of final entry
C). Book of single entry
D). None of the above
24- Ledger is called:
A). Book of original entry
B). Book of final entry✔️
C). Book of compound entry
D). None of the above
25- The word “By ” is used with an account while making posting on:
A). Debit Side of an account
B). Credit side of an account✔️
C). Both sides of an account
D). None of the above
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