1. Self-balancing is a system of (a) keeping ledgers ; (b) preparing trial balan
ID: 2375062 • Letter: 1
Question
1. Self-balancing is a system of
(a) keeping ledgers ;
(b) preparing trial balance ;
(c) preparing final accounts;
(d) recording journl entries.
2. The monthly total of purchases day book is posted to the debit side of the purchases account in the
(a) debtors ledger;
(b) creditors ledger ;
(c) general ledger;
(d) sales ledger.
3. No self-balancing entry is required
(a) for bad debts written off recovered;
(b) for discounts allowed;
(c) for bills receivable dishonoured;
(d) none of the three options.
4. The main advantage of self-balancing system is that it facilitates the quick preparation of
(a) debtors and creditors ledgers only ;
(b) final accounts ;
(c) bank reconciliation statement ;
(d) none of the three options.
5. Under sectional balancing the ledger which is usually made to balance is -
(a) debtors ledger;
(b) creditors ledger
(c) general ledger;
(d) sales ledger.
6. General Ledger adjustment account is opened in :
(a) bought ledger ;
(b) sold ledger ;
(c) general ledger ,
(d) both sold ledger and bought ledger
7. Provision for doubtful debts is opened in:
(a) debtors ledger ,
(b) sold ledger,
(c) general ledger,
(d) both sold ledger and bought ledger.
8. Sold ledger adjustment account is opened in:
(a) sold ledger;
(b) bought ledger;
(c) general ledger ;
(d) sold ledger as well as in bought ledger.
Explanation / Answer
. Self-balancing is a system of (a) keeping ledgers ; =======================================================================================================================2. The monthly total of purchases day book is posted to the debit side of the purchases account in the (b) creditors ledger ; ======================================================================================================================= 3. No self-balancing entry is required (c) for bills receivable dishonoured; =======================================================================================================================4. The main advantage of self-balancing system is that it facilitates the quick preparation of ; (b) final accounts ; . =======================================================================================================================5. Under sectional balancing the ledger which is usually made to balance is - (a) debtors ledger; . =======================================================================================================================6. General Ledger adjustment account is opened in : , (d) both sold ledger and bought ledger =======================================================================================================================7. Provision for doubtful debts is opened in: , (d) both sold ledger and bought ledger. =======================================================================================================================8. Sold ledger adjustment account is opened in: (a) sold ledger;
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