Solved Ledger Posting and Trial Balance (Accounting

Ledger Posting and Trial Balance MCQs for Competitive Exams

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Topic Notes: Ledger Posting and Trial Balance

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Ledger Posting and Trial Balance MCQs in Commerce are useful for candidates who need targeted practice for CSS, PMS, FPSC, PPSC, NTS, entry tests, and other competitive exams in Pakistan. This topic page is designed for quick revision, repeated practice, and exam-focused preparation.

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What is the term for an internal accounting report that lists all ledger balances to verify that total debits equal total credits?

Cash Book

Trial balance

Income statement

Balance sheet

Report

Which of the following transactions directly impacts the total debtors account?

B/R closing balance

All of these

Cash sales

Credit sales

Report

Which of the following statements regarding the Trial Balance is considered incorrect?

Compensatory errors are also known as equalising errors

The object of trial balance is to test the accuracy of the books

Errors of principles do not affect the agreement of the trial balance

Trial balance provides basis for preparation of final accounts

Report

Which statement accurately describes the functional relationship between the journal and the ledger?

The process of recording, in the journal is called journalising, the process of recording in the ledger is called posting

The journal is the book of original entry where as the ledger is the book of second entry

The journal is the book for analytical record and ledger is the book for chronological record

First recording in journal and then posting to ledger completes the double entry of the transaction

Report

What does the agreement of a trial balance fail to guarantee?

no error remains undetected

double entry has been completed

arithmetic accuracy is reasonably proved

all ledger accounts have been correctly posted

Report

Which types of accounts are typically balanced at the end of an accounting period?

Personal account and Real account

Real account and Nominal account

All accounts

Only Nominal account

Report

How should a 'bank overdraft' be classified in the financial statements?

Current asset

Current liability

Intengible asset

Intangible asset

Report

Which specific item is utilized for data entry or posting when using a mechanical posting machine?

Credit card

None of these

Larger card

Debit card

Report

Which of the following accounts is expected to maintain a credit balance under normal circumstances?

Purchases account

Discount account

Account payable account

Cash account

Report

What is the accounting process of transferring debit and credit entries from the journal to their respective ledger accounts called?

Trial balance

Ledger

None of these

Compound journal

Report

Ledger Posting and Trial Balance MCQs for Competitive Exams

Ledger Posting and Trial Balance MCQs for Competitive Exams

Topic Notes: Ledger Posting and Trial Balance

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