A ledger is a book of: MCQ with Answer and Explanation

A ledger is a book of:
A. Final entry
B. Rectification entry
C. Original entry
D. Adjusting entry
Answer: Option A
Solution (By JKSSB Mock Tests)
The ledger is the book of final entry because transactions are ultimately classified and posted here from the journal.

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Practice More Accountancy and Book Keeping Questions

Question #1
S1: Vouching is the examination of documentary evidence. S2: Verification is the proof of ownership, existence, and valuation of assets. Which statement(s) is/are correct?
A. S2 only
B. Neither S1 nor S2
C. Both S1 and S2
D. S1 only

Correct Answer: Option C


Explanation:
Vouching involves checking vouchers to verify the authenticity of transactions. Verification goes beyond vouching to confirm the physical existence, legal ownership, and proper valuation of assets and liabilities at the balance sheet date. Both are correct.

Question #2
Under Indian tax law, 'Assessment Year' means:
A. Year in which income is earned
B. Calendar year
C. Year following the previous year, in which income is assessed
D. Financial year

Correct Answer: Option C


Explanation:
Assessment year is the year in which income of the previous year is assessed and taxed.

Question #3
Income Tax is governed under which schedule of the Indian Constitution?
A. 8th Schedule
B. 7th Schedule (Concurrent List)
C. 7th Schedule (Union List)
D. 7th Schedule (State List)

Correct Answer: Option C


Explanation:
Taxes on income other than agricultural income fall under Entry 82 of List I (Union List) in the Seventh Schedule.