CA/CS Foundation MCQ Question Accounting Process - Basics and Journal

Test Preparation on CA/CS Foundation MCQ Questions Accounting Process - Basics and Journal

1.

Process of recording a transaction in journal is called

1Posting
2Journalising
3Casting
4Balancing.

2.

Recording of a transaction in a journal is called

1Posting
2Entry
3Transfer
4Ruling

3.

Main object of preparing a 'Journal' Is -

1To ascertain the financial position of the business
2To Journalise the cash transactions
3To make position in the ledger
4To record the business transactions First of all

4.

In Journal, transactions are recorded on

1Chronological order
2Ascending order of amount
3Descending order of amount
4None of the above

5.

What is the order in which the accounting transactions and events are recorded in the books?

1Journal, Subsidiary books. Ledger, Balance Sheet, Profit and Loss Account (P&L Account)
2Ledger, Journal, Ledger, Balance Sheet, P&L A/c
3Journal, Ledger, Profit and Loss A/c, Balance Sheet
4Profit and Loss A/c, Ledger, Balance Sheet, Journal

6.

Personal Accounts are related to -

1Assets and Liabilities
2Expenses, Losses and Incomes
3Debtors, Creditors etc
4Ail of these

7.

Real accounts are related to

1Assets
2Expenses^ losses and incomes
3Debtors, Creditors etc.
4Ail of these.

8.

Nominal'Accounts are related to-

1Assets and Liabilities
2Expenses, losses and Incomes, gains
3Debtors, Creditors etc.
4Ail of these.

9.

If two or more transactions of the same nature are journalised together having either the debit or the credit account common is known as -

1Compound journal entry
2Separate journal entry.
3Posting.
4None of the above.

10.

Narrations are given at the end of

1Final Accounts
2Trial Balance
3Each Ledger Account
4Each Journal Entry

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