Quiz  /  Ledger Class 12 MCQ Questions With Answers

  • 1. 
    Ledger is a principal book that contains.

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

  • 2. 
    The process of transferring of items from a journal to their respective ledger accounts is called as.

  • Entry
  • Arithmetic
  • Balancing
  • Posting

  • 3. 
    Among these, which item is used as the base for preparing trial balance?

  • Cash account
  • Balance sheet
  • Journal
  • Ledger account

  • 4. 
    A ledger is called a book of.

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

  • 5. 
    The ledger column that links the entry with the journal is called as.

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

  • 6. 
    From which of the following is a ledger account prepared.

  • Transactions
  • Journal
  • Events
  • None of the above

  • 7. 
    Which of the following items would not appear on the credit side of the Inventory Account

  • Cost of Sales
  • Accounts Payable
  • Bank
  • Advertising

  • 8. 
    A bad debt has been written off during the period as the Accounts Receivable has been declared bankrupt. The correct entry in the Allowance for Doubtful Debts ledger would be

  • Credit: Bad Debts
  • Debit: Accounts Receivable/GST Clearing
  • Debit: Bad Debts
  • Debit: Accounts Receivable

  • 9. 
    Which of the following would be the correct entries for the credit side of the inventory account

  • Bank/Accounts Payable/Cost of Sales/Advertising/Drawings/Inventory Loss/Inventory Write Down
  • Bank/Accounts Receivable/Cost of Sales/Advertising/Drawings/Inventory Loss/Inventory Write Down
  • Accounts Payable/Cost of Sales/Advertising/Drawings/Inventory Loss/Inventory Write Down
  • Accounts Payable/Cost of Sales/Accounts Receivable/Advertising/Drawings/Inventory Loss/Inventory Write Down

  • 10. 
    Which of the following items is an incorrect title in the Accounts Receivable Ledger

  • Bank/Discount Expense
  • Sales Returns/GST Clearing
  • Cost of Sales
  • Sales/GST Clearing

  • 11. 
    Which of the following titles would not appear in the Accounts Receivable Account

  • Sales Returns/GST Clearing
  • Bad Debts
  • Sales/GST Clearing
  • Bank

  • 12. 
    Which of the following titles is incorrect in the Accounts Payable Ledger

  • Inventory/GST Clearing
  • Bank/Discount Revenue
  • Purchase Returns/GST Clearing
  • Bank

  • 13. 
    What is the debit entry required to recognize Unearned Sales Revenue as being earned

  • Bank
  • Unearned Revenue
  • Unearned Sales Revenue
  • Sales

  • 14. 
    What credit entry is required when the business writes off a bad debt

  • Bad Debts
  • Accounts Receivable
  • Doubtful Debts
  • Allowance for Doubtful Debts

  • 15. 
    Which of the following items would appear on the Debit side of the GST Clearing Account if an amount was owed to the ATO

  • Accounts Payable/Bank/Bank/Accounts Receivable
  • Accounts Payable/Bank/Accounts Receivable/Accounts Payable
  • Accounts Receivable/Accounts Payable/Bank/Bank/Accounts Receivable
  • Accounts Payable/Bank/Bank/Balance

  • 16. 
    Which of the following are incorrect titles in the Disposal of Van account

  • Accumulated Depreciation
  • Trade-in
  • Loss on Disposal
  • All of the above

  • 17. 
    Which of the following items would NOT appear in the P/L Summary account

  • Capital
  • Net Profit
  • Revenues
  • Expenses

  • 18. 
    Select the correct set of titles to be recorded in the credit side of the Inventory Account

  • Bank/Accounts Payable/Cost of Sales/Inventory Gain
  • Bank/Accounts Payable/Cost of Sales/Inventory Loss/Inventory Write Down
  • Bank/Accounts Payable/Cost of Sales/Inventory Loss/Inventory Write Down/Advertising/Drawings
  • Accounts Payable/Cost of Sales/Inventory Loss/Inventory Write Down/Advertising/Drawings

  • 19. 
    Which of the following titles would not appear in the Inventory Account

  • Drawings
  • Cost of Sales
  • Advertising
  • Accounts Receivable
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