311. The process of transferring debit and credits from journal to ledger account is called:
A. Pasting
B. Balancing
C. Recording
D. Totaling
312. Which of the following account will invariably have a debit balance ?
A. Bank account
B. Amount receivable
C. Amount payable account
D. Loan account
313. Left hand side of account is known as:
A. Assets side
B. Liabilities side
C. Debit side
D. Credit side
314. The balance of cash account shows:
A. Cash in hand
B. New expenditure
C. Net income
D. None of the above
315. The difference between debit side and credit side of an account is known as:
A. Totaling
B. Posting
C. Balancing
D. Balance
316. The transaction are recorded in ledger:
A. Year wise
B. Month wise
C. Data wise
D. Account wise
317. Credit balance of a ledger account is denoted by:
A. Excess of credit side over debit side
B. Excess of debit side over credit side
C. Equality of debit and credit
D. All of the above
318. Real account generally shows:
A. Debit balance
B. Credit balance
C. Nil balance
D. Any balance
319. Number of columns in a journal is:
A. Two
B. three
C. Four
D. Five
320. Each journal entry involves a minimum of :
A. Two account
B. Three account
C. Four account
D. One account