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

Question
The process of transferring entries from journal to ledger is called:
A. Journalizing
B. Balancing
C. Posting
D. Recording
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
Which of the following is a direct tax levied by the Union Government?
A. Income tax
B. Sales tax
C. Entertainment tax
D. Excise duty on alcohol
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Correct Answer: Option A

Explanation:
Income tax is a direct tax. Excise on alcohol is state subject. Sales tax/VAT is state. Entertainment tax is local.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
A discount received from creditors is recorded in:
A. Sales Book
B. Journal Proper
C. Purchases Book
D. Cash Book
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Correct Answer: Option D

Explanation:
Discount received is a cash/bank related item and is recorded in the Discount Received column of the Cash Book.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Chairperson of GST Council' is:
A. Prime Minister
B. Finance Secretary
C. Union Finance Minister
D. Revenue Secretary
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Correct Answer: Option C

Explanation:
Union Finance Minister is the ex-officio chairperson of GST Council.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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