Ledger Quiz 1 – Punjab Meritorious School Preparation Portal

Welcome to your 18th Aug Ledger Quiz 1 CBT TEST

Fill the Details mentioned below and Attempt the Test.

Name

Email

School Name with City

Phone Number

The process of transferring the transactions from the Journal to the ledger is called

Journalising.

Posting.

Balancing.

Costing.

What type of Ledger cunts are not carried forward to next year?

Personal Accounts

Real Accounts

Nominal Account

All of these

When goods are lost by fire then Loss of Goods by Fire Account is debited with

Cost of goods sold.

Cost of goods sold plus Gross Profit.

Cost of goods sold less Gross Profit.

Cost of goods purchased.

Trial Balance shows

both debit and credit balances

only debit balance.

only credit balance

either of debit or credit balance.

Posting of transaction means

entering transactions in Journal.

entering transactions in Ledger.

entering transactions in Trial Balance.

entering transactions in Financial Statements.

Ledger is a book in which

Real and Nominal Accounts are maintained.

Real and Personal Accounts are maintained.

Real, Personal and Nominal Accounts are maintained.

Personal and Nominal Accounts are maintained.

What type of following accounts will have debit balance only?

Personal Accounts

Real Accounts

Nominal Accounts

All of these

How many accounts are effected in a transaction?

Only one

Only Two

At least two

Two or Three

Ledger Account is prepared from

Vouchers.

Trial Balance.

Journal.

Financial Statements.

Which of the following expense is not a revenue expense?

Salary

Electricity

Water

Repair of second-hand machinery purchased

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