The process of transferring entries from the Journal to the respective accounts is called: MCQ with Answer and Explanation

Question
The process of transferring entries from the Journal to the respective accounts is called:
A. Journalising
B. Posting
C. Summarising
D. Balancing
Answer: Option B
Solution (By JKSSB Mock Tests)
Posting is the technical term for transferring debit and credit amounts from the journal to the appropriate ledger accounts.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
When starting a BRS with a debit balance as per the Cash Book, cheques issued but not yet presented for payment should be:
A. Deducted
B. Added
C. Divided
D. Ignored
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Correct Answer: Option B

Explanation:
These cheques decreased the cash book balance but not the pass book. To match the pass book, they must be added back.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Indian Audit and Accounts Department' works under:
A. Ministry of Finance
B. RBI
C. Planning Commission
D. Comptroller and Auditor General
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Correct Answer: Option D

Explanation:
The IA&AD is headed by the CAG.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A journal entry with more than two accounts is known as:
A. Simple journal entry
B. Opening entry
C. Complex entry
D. Compound journal entry
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Correct Answer: Option D

Explanation:
A compound journal entry involves three or more accounts (multiple debits or credits).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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