Multiple-choice questions (MCQs) from the Ledger chapter of Accountancy, along with the correct answers 

SBSIRCommerce PRESENT 

1. What is a ledger?

   - [ ] A journal entry book

   - [x] A principal book of accounts

   - [ ] A trial balance sheet

   - [ ] A profit and loss statement

2.What does posting refer to in accounting?**

   - [ ] Recording transactions in the journal

   - [ ] Preparing financial statements

   - [ ] Reconciling bank statements

   - [x] Transferring entries from the journal to the ledger

3. Which side of the ledger account is the debit side?**

   - [ ] Right side

   - [x] Left side

   - [ ] Both sides

   - [ ] It varies

4. The ledger account of a customer from whom goods are sold on credit is called:

   - [ ] Purchase account

   - [ ] Sales account

   - [ ] Cash account

   - [x] Accounts receivable

5. A ledger account of a supplier from whom goods are bought on credit is called:

   - [ ] Sales account

   - [ ] Purchase account

   - [ ] Cash account

   - [x] Accounts payable

6.Which document is considered the book of original entry?

   - [ ] Ledger

   - [x] Journal

   - [ ] Balance sheet

   - [ ] Cash flow statement

7. What is a trial balance?

   - [ ] A financial statement

   - [x] A list of all ledger account balances

   - [ ] A record of all cash transactions

   - [ ] An income statement

8.Which of the following is not a part of a ledger?

   - [ ] Debit side

   - [ ] Credit side

   - [ ] Account title

   - [x] Bank statement

9. Closing entries are used to:

   - [ ] Open new accounts

   - [ ] Correct errors

   - [x] Transfer balances to the profit and loss account

   - [ ] Record daily transactions

10.A ledger folio column is used for:

    - [ ] Recording dates

    - [x] Referencing the journal entry page

    - [ ] Writing amounts

    - [ ] Descriptions

11.Which account will typically have a debit balance?

    - [ ] Accounts payable

    - [x] Accounts receivable

    - [ ] Sales

    - [ ] Capital

12.Which account will typically have a credit balance?

    - [ ] Cash

    - [ ] Inventory

    - [ ] Expenses

    - [x] Revenue

13.What is the purpose of a ledger account?

    - [ ] To record daily transactions

    - [x] To categorize and summarize financial data

    - [ ] To prepare the trial balance

    - [ ] To calculate net income

14.Which of the following is true about double-entry bookkeeping?

    - [x] Each transaction affects at least two accounts

    - [ ] Only one account is affected per transaction

    - [ ] It doesn't require balancing

    - [ ] It is only used for large businesses

15.What does the term 'ledger balance' refer to?

    - [ ] The balance in the journal

    - [ ] The balance in the trial balance

    - [ ] The balance in the profit and loss statement

    - [x] The balance of a specific account in the ledger

11.Which account is credited when cash is received from a debtor?**

   - [ ] Debtor’s account

   - [x] Cash account

   - [ ] Sales account

   - [ ] Purchase account

12.What is the primary purpose of the ledger?**

   - [ ] To record transactions

   - [ ] To prepare the balance sheet

   - [ ] To calculate depreciation

   - [x] To classify and summarize financial information

13.What is meant by the term "balancing a ledger account"?

   - [ ] Making sure each entry is correct

   - [ ] Verifying each transaction

   - [x] Calculating the difference between the debit and credit sides

   - [ ] Preparing the trial balance

14.What type of ledger contains individual accounts for customers and suppliers?

   - [ ] General ledger

   - [x] Subsidiary ledger

   - [ ] Special ledger

   - [ ] Control ledger

15.Which account is debited when goods are purchased on credit?

   - [ ] Cash account

   - [x] Purchase account

   - [ ] Sales account

   - [ ] Debtors account

16. **What is a contra entry?

   - [ ] An entry that corrects an error

   - [x] An entry that affects both the debit and credit side equally

   - [ ] An entry in the profit and loss statement

   - [ ] An entry in the balance sheet

7. **Where are nominal accounts closed?**

   - [ ] Balance sheet

   - [ ] Cash flow statement

   - [x] Profit and loss account

   - [ ] Journal

8. **What is a ledger control account?**

   - [x] An account that summarizes subsidiary ledger balances

   - [ ] An account used to control cash flow

   - [ ] An account for recording errors

   - [ ] An account for adjusting entries

9. **In a ledger, which side are revenues recorded on?**

   - [ ] Debit

   - [x] Credit

   - [ ] Both sides

   - [ ] None of the above

10. **When a company pays its suppliers, which account is debited?**

    - [x] Accounts payable

    - [ ] Accounts receivable

    - [ ] Revenue

    - [ ] Expense

11. **What is the correct entry when recording depreciation?**

    - [ ] Debit cash, credit expense

    - [x] Debit depreciation expense, credit accumulated depreciation

    - [ ] Debit accumulated depreciation, credit expense

    - [ ] Debit expense, credit cash

12. **What is the normal balance of an expense account?**

    - [ ] Credit

    - [x] Debit

    - [ ] Zero

    - [ ] Varies

13. **Which of the following is true about a trial balance?**

    - [ ] It proves the accuracy of the books

    - [ ] It shows the profit or loss

    - [x] It lists all the ledger accounts and their balances

    - [ ] It only lists revenue and expenses

14. **Which of the following will not appear in a ledger?**

    - [x] Bank reconciliation statement

    - [ ] Debtors account

    - [ ] Creditors account

    - [ ] Cash account

15. **What does the abbreviation "Dr." stand for in accounting?**

    - [ ] Draw

    - [ ] Deposit receipt

    - [x] Debit

    - [ ] Deficit

### Set 3:

1. **Which of the following is a real account?**

   - [ ] Sales account

   - [x] Land and building account

   - [ ] Rent expense account

   - [ ] Interest income account

2. **When goods are returned by a customer, which account is debited?**

   - [x] Sales return account

   - [ ] Purchase return account

   - [ ] Cash account

   - [ ] Inventory account

3. **The ledger account that contains the financial transactions of a specific customer is known as:**

   - [ ] General ledger

   - [ ] Cash ledger

   - [x] Personal ledger

   - [ ] Control ledger

4. **What does a credit balance in an asset account indicate?**

   - [x] A reduction in the asset

   - [ ] An increase in the asset

   - [ ] No change in the asset

   - [ ] An error in the account

5. **In accounting, which of the following is always true?**

   - [ ] Total debits equal total expenses

   - [x] Total debits equal total credits

   - [ ] Total credits equal total revenues

   - [ ] Total debits equal total liabilities

6. **What is an opening balance?**

   - [ ] Balance at the end of the period

   - [x] Balance at the beginning of the period

   - [ ] Balance after adjusting entries

   - [ ] Balance after closing entries

7. **Which account is typically credited when revenue is earned?**

   - [ ] Expense account

   - [x] Revenue account

   - [ ] Asset account

   - [ ] Liability account

8. **Which of the following best describes the purpose of closing entries?**

   - [ ] To record daily transactions

   - [ ] To prepare the trial balance

   - [ ] To correct errors

   - [x] To transfer temporary account balances to permanent accounts

9. **Which type of account is the capital account?**

   - [x] Owner's equity

   - [ ] Asset

   - [ ] Liability

   - [ ] Revenue

10. **Which of the following is recorded on the credit side of a ledger account?**

    - [ ] An increase in assets

    - [ ] An increase in expenses

    - [x] An increase in liabilities

    - [ ] A decrease in revenue

ACCOUNTING LANGUAGE

 

WBCHSE NEW SEMSTER SYLLABUS OF ACCOUNTANCY

 https://youtu.be/KBqVEna5vLs?si=ZvsfbvKBWY1u5n3f

some important tips before the exam for the Higher secondary students

 some important tips before the exam for the Higher secondary students

1. **Organize Your Study Material:** Review key concepts and prioritize topics based on your understanding and difficulty level.

2. **Get Adequate Rest:** Ensure a good night's sleep before the exam to stay focused and alert during the test.

3. **Healthy Breakfast:** Fuel your body and mind with a nutritious breakfast to sustain energy throughout the exam.

4. **Time Management:** Allocate specific time for each section to avoid spending too much time on one question. Stick to the allocated time to cover the entire paper.

5. **Stay Positive:** Believe in yourself and stay confident. Positive thoughts can enhance your performance.

6. **Read Instructions Carefully:** Before starting the exam, thoroughly read all instructions to avoid unnecessary mistakes.

7. **Answer Questions Strategically:** Begin with the questions you find easiest to build confidence. Then, tackle the more challenging ones.

8. **Review Your Answers:** If time permits, review your answers to catch any errors or overlooked details.

9. **Stay Calm Under Pressure:** If you encounter a difficult question, take a deep breath and move on. You can always come back to it later.

10. **Keep Track of Time:** Regularly check the time to ensure you are progressing at a steady pace and have enough time for all sections.

11. **Use Allotted Stationery:** Double-check that you have all necessary stationery items before entering the exam hall.

12. **Follow a Healthy Post-Exam Routine:** After the exam, relax and avoid discussing the paper with others. Focus on preparing for the next exam or taking a well-deserved break.

Best of luck with your exams!

SBSIRCOMMERCE 

preparation tips for the accountancy exam

 The preparation tips for the accountancy exam are as follows:

1. Plan your studies according to the curriculum defined by Wbchse.

2. Base your preparation on the prescribed syllabus by Wbchse for the HS exam.

3. Utilize available reference books for additional practice.

4. To achieve a perfect score, students should focus on the following methods:

   - Understand and interpret definitions and meanings.

   - Comprehend the meanings of terms accurately.

   - Develop logical reasoning and arguments behind concepts.

   - Clearly articulate concepts and arguments in writing for optimal presentation.

5. Emphasize characteristics, advantages, and disadvantages of various concepts, as these are frequently asked in board exams.

6. Practice written expression, not just understanding and verbalizing the subject matter.

7. Pay attention to all crucial sources in the field of accountancy for comprehensive preparation.

8. Understand how principles work in practice to gain a better grasp of concepts.

9. Create and maintain a cheat sheet based on chapters for effective and regular review.

10. Focus on essential topics in accountancy such as balance sheets, subsidiary evidence, intelligent treatment, and ethical practices in healthcare.

Participation means actively taking part in the accounting process.

8) Calculation

Exercise utmost caution when performing calculations to avoid inadvertent errors.

1) Work Notes

Prepare detailed and organized work notes that serve as the basis for calculated amounts and are recorded sequentially in the journal.

Since work notes carry weight in exams, ensure accurate preparation of work notes.

10) Format

When creating the format for journals, ledgers, and balance sheets, pay attention to details.

11) Proper Formatting for Accounting Items

Follow a systematic format for numbering as it facilitates quick resolution for students and helps in timely completion of paperwork.

12) Entry and Posting

While preparing ledger accounts, always post entries separately to their respective accounts instead of grouping them together.

Following this process reduces the likelihood of losing items in any account.

13) Comments

Make personal notes chapter-wise according to your understanding, highlighting concepts that are challenging for you.

14) Answering Questions

When solving questions, focus on key points. Take note of these general points for future revisions.

15) Revision

Effective revision is crucial for success in any exam.

16) Compile all your notes, practice registers, and self-created formula sheets that you have prepared throughout the year.

17) Plan a thorough review. Allocate time for each chapter, and start solving questions that were initially challenging during your study time.

18) Additionally, revise those concepts that you found challenging and marked previously.

19) Review from last year's papers.

Allocate time wisely and start solving previous year's exam papers.

20) Set a schedule for exam preparation, attempt to solve questions within the allotted time.

This will aid in better time management during the exam.

21) Always remember to maintain correct organization, work notes, descriptions, and accurate calculations.

22) Following this approach will make you more confident when facing the actual exam.

23) Solve exam papers, as they provide excellent assistance in understanding the level of your preparation.

Various publishers offer numerous test papers in the market.

Don't forget to check the SBS RCommerce YouTube channel.

This article was about study tips for accountancy exams, serving as a guide for commerce students.

For more attractive articles and guides, stay with @SBS RCommerce.

Subscribe to the SBS RCommerce channel if you like it.

Subscribe my https://SBSIRCommerce.blogspot.com

24) In multiple-choice questions, choose the correct option from the given four choices and mark it in your answer sheet in the corresponding circle.

SBSIRCOMMERCE RCommerce is with you and will be there for you. If you have any problems, contact us on WhatsApp at 9051421305.

I will provide solutions to those questions live on the YouTube channel.

Wishing everyone good luck.

outline for preparing for the Accountancy higher secondary examination (WBCHSE 2024):

 Here's a suggested outline for preparing for the Accountancy higher secondary examination (WBCHSE 2024):

1. **Understand the Syllabus:**

   - Familiarize yourself with the prescribed syllabus for the examination.

   - Make a list of all the topics to be covered.

2. **Organise Study Material:**

   - Gather all necessary textbooks, reference materials, and notes.

   - Arrange your study material according to the topics in the syllabus.

3. **Create a Study Schedule:**

   - Develop a realistic study timetable.

   - Allocate specific time slots for each topic, focusing on weaker areas.

4. **Practice Regularly:**

   - Solve previous years' question papers to understand the exam pattern.

   - Practice sample papers and exercises to improve problem-solving skills.

5. **Conceptual Clarity:**

   - Ensure a clear understanding of fundamental accounting principles and concepts.

   - Seek clarification for any doubts from teachers or classmates.

6. **Master Accounting Entries:**

   - Practice journal entries, ledger posting, and trial balance thoroughly.

   - Understand the accounting treatment for different transactions.

7. **Financial Statements:**

   - Focus on preparing financial statements – Income Statement, Balance Sheet, and Cash Flow Statement.

   - Analyze and interpret financial data effectively.

8. **Ratio Analysis:**

   - Learn the significance of financial ratios and practice calculating them.

   - Understand how ratios reflect a company's financial health.

9. **Stay Updated:**

   - Keep abreast of any updates or changes in accounting standards.

   - Follow relevant financial news to understand real-world applications.

10. **Revision:**

    - Regularly revise what you've studied to reinforce your understanding.

    - Use flashcards or summary notes for quick reviews.

11. **Mock Tests:**

    - Take mock tests under exam conditions to improve time management.

    - Analyze your performance and identify areas for improvement.

12. **Healthy Lifestyle:**

    - Ensure adequate sleep and maintain a healthy lifestyle for better concentration.

    - Take short breaks during study sessions to avoid burnout.

Remember, consistent and focused efforts are key to success. Good luck with your preparation!

H S ACCOUNTANCY SAQ SUGGESTIONS WITH ANSWER 2024

 ① what is Forfeiture of shares?

1) Forfeiture of shares occurs when a shareholder fails to meet payment obligations, leading to the cancellation of their shares.

② what is Revalution account? 

 A Revaluation Account is used to adjust the book value of assets and liabilities during a company's revaluation of its assets.

3)Pass the Jounal Entry when a new partner fails to bering Premium For good will 

Journal Entry: Debit New Partner's Capital Account for the Premium for Goodwill; Credit Old Partners' Capital Accounts in sacrificing ratio.

4)what is the formula for determining the Sacrificing Ratio?

Sacrificing Ratio = Old Ratio - New Ratio.

5)What is minimum Subscription?

Minimum Subscription is the minimum percentage of the total subscription that a company must receive before it can allot shares.

6)What is call- in  Arrear?

Call-in-Arrear refers to the unpaid amount on a call, which a shareholder fails to pay within the specified period

7)What is Prospectus?

A Prospectus is a legal document issued by a company inviting the public to buy its shares or debentures.

8 ) P and Q   are  Partners Sharing profit&loss  in the Ratio 3:2 .P surrenders 1/4th of his Share and Q Surrenders 1/3rd of his Share in favour of R,  a new Partner 

Find out R’s of profit.

Initially, P and Q share profits in the ratio 3:2. 

When P surrenders 1/4th of his share, he retains 3/4th of his original share. So, P's new ratio is 3/4 * 3:2.

Similarly, when Q surrenders 1/3rd of his share, he retains 2/3rd of his original share. So, Q's new ratio is 3:2/3 * 2.

Now, R's share is the sum of these new ratios:

R's share = P's new ratio + Q's new ratio

Calculate R's share using the above information.

9) what is partnership Deed?

) A Partnership Deed is a written agreement defining the terms of the partnership, including rights, duties, and profit-sharing among partners.

10) What is preference share?

Preference Share is a type of share that gives its holders priority over common shareholders in terms of dividends and assets.

11) what do you mean by Joint Stock Company?

A Joint Stock Company is a form of business organization where ownership is divided into shares, and the liability of shareholders is limited to the face value of their shares.

12)what is the Balance of fixed capital account ?

The Balance of Fixed Capital Account represents the capital invested by partners in a partnership and is maintained in the books of accounts.

13)what do you mean by cash and cash Equivalents

Cash and cash equivalents refer to highly liquid assets that are easily convertible to known amounts of cash and have a short-term maturity, typically within three months or less.

14)Write one Example of” Investing activities “of Cash Flow Statement?

An example of an "Investing activity" in the Cash Flow Statement is the purchase or sale of long-term assets, such as buying or selling property, equipment, or investments

15)what do Stafe you mean by Financial Statement analysis

Financial statement analysis involves evaluating a company's financial statements, such as the income statement, balance sheet, and cash flow statement, to assess its financial performance, stability, and profitability.

16) one advantages of Common size Statement

One advantage of a Common Size Statement is that it allows for easy comparison of financial statements of different companies, as it expresses each line item as a percentage of a common base, typically total revenue or total assets.

17) what is working capital?

Working capital is the difference between a company's current assets and current liabilities. It represents the funds available for the day-to-day operations and is a measure of a company's short-term liquidity.

18)State one limititon of cash flow Statement?

One limitation of the Cash Flow Statement is that it does not provide information about the profitability of a company. It focuses on cash movements, but it doesn't consider non-cash items, which are crucial for a comprehensive understanding

of financial performance.