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Published on: 13/05/2022
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Questions + Answers key
Take MCQ Accountancy Test

1.
What is balancing of an account?
2.
What is credit balance?
3.
What is debit balance?
4.
What is meant by posting?
5.
What is a ledger?
1.
(i) Balance is the difference between the total debits and the total credits of an account.
(ii) Balancing means the writing of the difference between the amount columns of the two sides in the lighter (Smaller Total) side, so that the grand totals of the two sides become equal.
2.
(i) The excess of credit total over the debit total is called the credit balance.
(ii) When there is only credit entries in an account, the amount itself is the balance of that account, i.e., the credit balance.
3.
(i) The excess of debit total over the credit total is called the debit balance.
(ii) When there is only debit entries in an account, the amount itself is the balance of that account, i.e., the debit balance
4.
The process of transferring the debit and credit items from the journal to the ledger accounts is called posting.
5.
(i) Ledger is known as Principal book of accounts because it is very useful for a business enterprise.
(ii) It is a book which contains all sets of accounts, namely, personal, real and nominal accounts
(iii) Account-wise balance can be determined from the ledger.
(iv) The ledger accounts are opened or maintained based on journal entries passed.
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Tamilnadu Stateboard 11th Standard Subjects

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Business Maths and Statistics

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Computer Science

Physics

Chemistry

Maths

Biology

Economics

Physics

Chemistry

History

Business Maths and Statistics

Computer Science

Accountancy

Computer Applications

History

Computer Technology

Commerce

Computer Applications

Computer Technology

Tamil

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