The process of transferring the debit and credit items from journal to ledger accounts is called 

(a)

Casting

(b)

Posting

(c)

Journalising

(d)

Balancing

The amount brought into the business by the proprietor should be credited to

(a)

Cash account

(b)

Drawings account

(c)

Capital account

(d)

Suspense account

The financial statements can be prepared from the ____________ balances.

(a)

ledger

(b)

journal

(c)

trial

(d)

none of these

Ledger is a book of _______________

(a)

original entry

(b)

final entry

(c)

all cash transactions

(d)

none of these

Posting on the Credit side of an account is written as _______________

(a)

To

(b)

By

(c)

Being

(d)

Narration

If Total of credit > Total of debit = ___________

(a)

Debit balance

(b)

Credit balance

(c)

Nil balance

(d)

both (a) & (b)

Balances in the Nominal accounts are ___________

(a)

Carried forward to next accounting year

(b)

Carried forward to Trading and Profit and Loss A/c

(c)

Carried forward to Balance Sheet

(d)

None of the above

Cash account is a _____________

(a)

Personal account

(b)

Real account

(c)

Nominal account

(d)

None of the above

The book that contains all accounts as entered in the journal namely Personal, Real or Nominal is called ______

(a)

Journal Paper

(b)

Ledger

(c)

Cash Book

(d)

None

________ accounts give the net amount due to creditor and the net amount due from debtors.

(a)

Real

(b)

Personal

(c)

Nominal

(d)

Ledger