The process of transferring entries from journal to ledger is called: MCQ with Answer and Explanation

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The process of transferring entries from journal to ledger is called:

A. Recording

B. Balancing

C. Posting

D. Journalizing

Answer: Option C

Solution (By JKSSB Mock Tests)

Posting is the process of transferring debit and credit amounts from journal to respective ledger accounts.

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

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Question #1

The 'Modification of a Lease' is accounted for as:

A. Termination of original lease

B. Original lease continues

C. A separate lease if it adds the right to use one or more underlying assets at a price commensurate with standalone price; otherwise remeasure

D. No accounting

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Correct Answer: Option C

Explanation:
Ind AS 116 provides specific guidance for modifications.

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Question #2

S1: Internal check is a system of routine checks. S2: Internal check is conducted by external auditors. Which statement(s) is/are correct?

A. Neither S1 nor S2

B. S2 only

C. S1 only

D. Both S1 and S2

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Correct Answer: Option C

Explanation:
Internal check is a routine system where the work of one employee is automatically checked by another to prevent errors and frauds. It is an internal management function, not conducted by external auditors. S1 is correct, S2 is incorrect.

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Question #3

The 'National Financial Reporting Authority' (NFRA) has jurisdiction over:

A. Only banks

B. All companies

C. Public interest entities (listed companies and large unlisted companies)

D. Only public sector undertakings

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Correct Answer: Option C

Explanation:
NFRA regulates auditors and audit quality of public interest entities.

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

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