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. Balancing
C. Posting
D. Summarising
Answer: Option C
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
Which of the following is an example of a deferred revenue expenditure?
A. Payment of rent
B. Payment of salary
C. Purchase of machinery
D. Heavy advertising campaign for a new product launch
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Correct Answer: Option D

Explanation:
A heavy advertising campaign for a new product provides benefits over multiple years, making it a deferred revenue expenditure.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
If the Trial Balance does not tally, the difference is temporarily transferred to:
A. Drawings Account
B. Capital Account
C. Suspense Account
D. Profit & Loss Account
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Correct Answer: Option C

Explanation:
A Suspense Account is opened temporarily to bridge the gap in a mismatched trial balance until the errors are located and rectified.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
'Borrowing Costs' eligible for capitalization are determined as per:
A. AS 10
B. AS 12
C. AS 9
D. AS 16
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Correct Answer: Option D

Explanation:
AS 16 Borrowing Costs provides guidance on capitalization of borrowing costs on qualifying assets.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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