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

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A ledger is primarily a book of:

A. Secondary entry

B. Memorandum entry

C. Original entry

D. Final entry only

Answer: Option A

Solution (By JKSSB Mock Tests)

Ledger is a book of secondary entry where transactions are posted from journal or subsidiary books.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

The financial statement that shows profitability for a period is:

A. Balance Sheet

B. Profit and Loss Account

C. Cash Flow Statement

D. Funds Flow Statement

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Correct Answer: Option B

Explanation:
Profit and Loss Account shows the net profit or loss over a period.

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Question #2

The 'Minimum Wages Act, 1948' provides for:

A. Bonus

B. Overtime only

C. Fixation of minimum rates of wages for certain employments

D. Maximum wages

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Correct Answer: Option C

Explanation:
The Act aims to prevent exploitation by ensuring minimum wages.

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Question #3

Which of the following is a contra account?

A. Provision for Doubtful Debts

B. All of the above

C. Bank Account in Cash Book

D. Accumulated Depreciation

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Correct Answer: Option B

Explanation:
Provision for Doubtful Debts is a contra asset to Debtors, Bank/Cash is a contra account in the cash book, and Accumulated Depreciation is a contra asset to Fixed Assets.

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