Journal & Ledger

JKSSB Panchayat Account Assistant · Accountancy & Finance · 13 practice questions with answers and explanations: 4 Easy, 8 Medium, 1 Hard.

Sample questions

Sample Easy question 1

What is a 'ledger'?

  1. A book that contains all accounts in summarized form
  2. A daily cash record only
  3. A tax filing document
  4. A type of invoice
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Answer: A. The ledger is the principal book that classifies all journal entries account-wise.

Sample Medium question 2

According to the golden rule for real accounts, what should be done?

  1. Debit what comes in, credit what goes out
  2. Debit the receiver, credit the giver
  3. Debit all expenses, credit all incomes
  4. Debit all gains, credit all losses
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Answer: A. For real accounts, the rule is: debit what comes in, credit what goes out.

Sample Hard question 3

What does 'posting' mean in the context of ledger accounts?

  1. Transferring entries from the journal to the respective ledger accounts
  2. Recording the first entry of a transaction
  3. Preparing the trial balance
  4. Closing the accounts at year-end
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Answer: A. Posting is the process of transferring journal entries into their respective accounts in the ledger.

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