Quiz  /  Ledger Class 11 MCQ Questions With Answers

  • 1. 
    Select the accounts that are on the wrong side of the trial balance.

  • Computer
  • Drawings
  • GST Credits
  • Loan
  • All of above

  • 2. 
    Sales Returns ledger is closed to:

  • debit side of profit and loss ledger
  • credit side of profit and loss ledger

  • 3. 
    Which three accounts are balanced (bal c/d and b/d) at the end of the reporting period?

  • Liabilities
  • Assets
  • Equity
  • All of above

  • 4. 
    Business paid for electricity $660 inclusive GST. Calculate GST.

  • 60
  • $60.5

  • 5. 
    Sold good on credit $700 + $70 GST = $770. Cost of good sold is $350. Choose the correct ledgers for this transaction.

  • GST payable Debit $ Date 7 Feb 13 Date Feb 16 Details Accounts receivable Details Accounts receivable Credit $ 70
  • Date Details Debit $ Date Sales Feb 13 Credit $ Details Accounts receivable 700
  • Inventory Details Credit $ Details Date Feb 2 Accounts Payable 16 Cost of sales Debit $ 2,900 Date Feb 6 13 35 Accounts Payable 60 Cost of sales 350 28 Balance c/d 2,525 2,935 1 Mar 2,935 Balance b/d 2,525
  • Date Feb 13 Details Cost of sales Debit $ Date Details Credit $ Inventory 35 350 Feb 16 Inventory
  • All of above

  • 6. 
    The ledger that is a summary of all income and expenses is the:

  • Capital
  • Equity
  • Profit and Loss
  • Income statement
  • Balance sheet

  • 7. 
    Which side of the ledger would increase capital?

  • Debit
  • Credit

  • 8. 
    Study the transactions in this ledger. What is the name of the ledger account?

  • GST Credits
  • GST Payable
  • GST Control

  • 9. 
    Ledger is a principal book that contains.

  • Real accounts only
  • Personal accounts only
  • All accounts
  • Nominal accounts only

  • 10. 
    Which side of the ledger would increase an expense?

  • Debit
  • Credit

  • 11. 
    Purchased inventory on credit $2,900 + $290 GST = $3,190. Choose the correct ledgers for this transaction.

  • All of above
  • Date Details Accounts Payable Debit $ Date Details Feb 6 66 3,190 Inventory/GST credits Feb 2 Inventory/GST credits Credit $
  • Inventory Details Credit $ Details Date Feb 2 Accounts Payable 16 Cost of sales Debit $ 2,900 Date Feb 6 13 35 Accounts Payable 60 Cost of sales 350 28 Balance c/d 2,525 2,935 1 Mar 2,935 Balance b/d 2,525
  • Date Feb 2 Details Accounts Payable 290 Feb 6 Accounts Payable 6 Debit $ Date Details GST credits Credit $

  • 12. 
    The process of transferring of items from a journal to their respective ledger accounts is called as.

  • Entry
  • Arithmetic
  • Balancing
  • Posting

  • 13. 
    Among these, which item is used as the base for preparing trial balance?

  • Cash account
  • Balance sheet
  • Journal
  • Ledger account

  • 14. 
    A ledger is called a book of.

  • Primary entry
  • Final entry
  • Original entry
  • None of the above

  • 15. 
    Debtor returned damage goods $77 + $7 GST write back = $77. Cost of good sold is $35. Choose the INCORRECT ledger for this transaction.

  • Inventory Details Credit $ Details Date Feb 2 Accounts Payable 16 Cost of sales Debit $ 2,900 Date Feb 6 13 35 Accounts Payable 60 Cost of sales 350 28 Balance c/d 2,525 2,935 1 Mar 2,935 Balance b/d 2,525
  • Date Details Debit $ Date Sales Feb 13 Credit $ Details Accounts receivable 700
  • GST payable Debit $ Date 7 Feb 13 Date Feb 16 Details Accounts receivable Details Accounts receivable Credit $ 70
  • Date Feb 13 Details Cost of sales Debit $ Date Details Credit $ Inventory 35 350 Feb 16 Inventory

  • 16. 
    The ledger column that links the entry with the journal is called as.

  • J.F column
  • L.F column
  • Credit column
  • Debit column

  • 17. 
    Which side of ledger would increase drawings?

  • Debit
  • Credit

  • 18. 
    From which of the following is a ledger account prepared.

  • Transactions
  • Journal
  • Events
  • None of the above
Report Question
warning
access_time
  Time