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01	Financial Accounting ICOM Mcqs Chapter 01	02	Financial Accounting ICOM Mcqs Chapter 02
03	Financial Accounting ICOM Mcqs Chapter 03	04	Financial Accounting ICOM Mcqs Chapter 04
05	Financial Accounting ICOM Chapter 05	06	Financial Accounting ICOM Chapter 06
07	Financial Accounting ICOM Mcqs Chapter 07	08	Financial Accounting ICOM Mcqs Chapter 08
09	Financial Accounting ICOM Mcqs Chapter 09	10	Financial Accounting ICOM Mcqs Chapter 10
11	Financial Accounting ICOM Mcqs Chapter 11	12	Financial Accounting ICOM Mcqs Chapter 12
13	Financial Accounting ICOM Mcqs Chapter 13	14	Financial Accounting ICOM Mcqs Chapter 14
15	Financial Accounting ICOM Mcqs Chapter 15	16	Financial Accounting ICOM Mcqs Chapter 16

Chapter – 5

Ledger:The main book of account

Encircle the most appropriate answer from the following

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1. King of all books of accounts is:

1. Journal
2. Trial balance
3. Ledger
4. Final account

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2. The process of recording transaction in ledger is called

1. Posting
2. Transferring
3. Journalising
4. Recording

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3. Accounts of assets normally have

1. Zero Balance
2. Both a and b
3. Credit balance
4. Debit balance

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4. Excess of credit over debit is called

1. Debit balance
2. Opening balance
3. Credit balance
4. Zero balance

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5. A book in which transactions are recorded in chronological order is called

1. Ledger
2. Final account
3. Trial balance
4. Journal

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6. A ledger is a book in which

1. Only personal and cash accounts are opened
2. Only nominal accounts are opened
3. Only real accounts are open
4. All of these

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7. If the two sides of an account are equal then account will show

1. Debit balance
2. Credit balance
3. Zero balance
4. Both 1 and 2

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8. Accounts of revenue normally have

1. Debit balance
2. Both 1 and 3
3. Credit balance
4. Zero balance

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9. Which one of the following normally has a debit balance

1. Capital account
2. Creditor account
3. Loan account
4. Stock account

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10. Which of the following normally has a credit balance

1. Capital account
2. Machinery account
3. Purchase account
4. Stock account

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11. Ledger is called the

1. Book of final entry
2. Book of compound entry
3. Book of original entry
4. Book of single entry

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12. The book in which transactions are finally recorded is called

1. Journal
2. Trial balance
3. Final accounts
4. Ledger

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13. Which of the following is a liability

1. Outstanding expense
2. Account payable
3. Creditor
4. All of the above

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14. Double entry system is the system of:

1. Recording transactions in books
2. Recording in copies
3. Presenting annual financial statements
4. All of these statements

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15. The main purpose of trial balance is to:

1. Check the equality of debits and credits
2. Provide information used in preparing final accounts
3. Check the arithmetical accuracy
4. All of above

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Trial balance is :

1. Balance sheet
2. None of above
3. List of the balances in the ledger
4. Both 1 and 2

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17. The different stages of accounting cycle are

1. Documenting
2. Summarizing
3. Recording
4. All of above

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18. Cash sales to Ahmed will be posted to debit side of

1. Sales account
2. Capital account
3. Cash account
4. Ahmed account

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19. The ruling of a trial balance is similar to that of

1. Ledger
2. Journal
3. Final accounts
4. Cash book

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20. Ledger records transactions in an

1. Chronological order
2. Analytical order
3. Daily order
4. Arithmetical order

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21. Dividend received Rs. 150 from A will be posted credit side of

1. Cash account
2. A’s account
3. Dividend account
4. Both a and

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22. Which of the following normally has a credit balance

1. Building account
2. Purchases account
3. Sales account
4. Bill receivable account

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23. Left hand side of an account is called

1. Debit side
2. Credit side
3. None of these
4. Both a and b

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24. Persons or institution are recorded

1. Nominal accounts
2. Capital accounts
3. Personal accounts
4. Real accounts

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25. Transactions relating to incomes and expenditures are recorded in

1. Capital accounts
2. Personal accounts
3. Nominal accounts
4. Real accounts

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26. Accounts relating to assets and properties are recorded in

1. Nominal accounts
2. Capital accounts
3. Real accounts
4. Personal accounts

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27. T account is a simplest form of a

1. Journal
2. Trial balance
3. Balance sheet
4. Ledger

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