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

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The process of transferring entries from the Journal to the respective accounts is called:

A. Journalising

B. Summarising

C. Balancing

D. Posting

Answer: Option D

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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Question #1

The 'GST Amnesty Scheme' provides:

A. Exemption from all taxes

B. No benefit

C. Reduction in tax rates

D. Waiver of late fees for non-filers of returns for past periods

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Correct Answer: Option D

Explanation:
Amnesty schemes allow filing of pending returns with reduced/waived late fees.

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Question #2

The 'Quick Ratio' excludes inventory because:

A. Inventory may not be easily convertible into cash

B. Inventory is a fixed asset

C. Inventory is never sold

D. Inventory is not an asset

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Correct Answer: Option A

Explanation:
Quick ratio considers only quick assets (liquid), inventory is less liquid, so excluded.

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Question #3

S1: The Profit and Loss Appropriation Account is prepared after the Profit and Loss Account. S2: It shows the distribution of net profit among partners. Which statement(s) is/are correct?

A. Both S1 and S2

B. S1 only

C. S2 only

D. Neither S1 nor S2

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Correct Answer: Option A

Explanation:
The P&L Appropriation Account is an extension of the P&L Account, prepared after it. Its purpose is to distribute the net profit among partners by accounting for interest, salaries, and profit shares. Both are correct.

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