Choose the correct answer from the following
Q.1. Regarding the ledger which of the following statement is correct
A. The big organizations keeps only one ledger book.
B. In running balance form all accounts entered in the ledger are balanced after every
transaction.
C. In periodic balance form all the accounts entered in the ledger are balanced after every transaction
D. Most business organizations don’t balance the ledger as it can be done in trial balance
Q2. The liabilities arising from purchases of goods or services on credit is called:
A. Loan
B. Accounts payable
C. Bank Overdraft
D. Notes payable
Q3.Expenses paid by business decreases:
A. Cash
B. Capital
C. Cash and Capital
D. None of the above
Correct Answers are
Q1=B In running balance form all accounts entered in the ledger are balanced after
Every transaction
Q2=B, accounts payable Q3=C, Cash and Capita
Q.1. Regarding the ledger which of the following statement is correct
A. The big organizations keeps only one ledger book.
B. In running balance form all accounts entered in the ledger are balanced after every
transaction.
C. In periodic balance form all the accounts entered in the ledger are balanced after every transaction
D. Most business organizations don’t balance the ledger as it can be done in trial balance
Q2. The liabilities arising from purchases of goods or services on credit is called:
A. Loan
B. Accounts payable
C. Bank Overdraft
D. Notes payable
Q3.Expenses paid by business decreases:
A. Cash
B. Capital
C. Cash and Capital
D. None of the above
Correct Answers are
Q1=B In running balance form all accounts entered in the ledger are balanced after
Every transaction
Q2=B, accounts payable Q3=C, Cash and Capita
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