MCQs on Account, balance, debit, & credit 

By: Prof. Dr. Fazal Rehman | Last updated: May 21, 2025

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1. : Ledger is called:



2. : King of all books of account is called:



3. : Process of recording transaction in ledger is called:



4. : Cash sales to Nadeem will be posted on the debit side of:



5. : Excess of debit over debit is called:



6. : If debit side is equal to credit side, it should represent:



7. : Excess of credit over debit is called:



8. : Transactions are primarily recorded in:



9. : Transactions are secondarily recorded in:



10. : Cash received from Yasir should be posted to credit side of:



11. : An account showing a debit balance represents:



12. : An account showing a credit balance represents:



13. : Record of journal folio is found in:



14. : Transactions of proprietor are recorded in:



15. : The act of balancing both sides of an account is called:



16. : Major ledgers are:



17. : Successful use of double entry system is guaranteed by:



18. : Ledger is a book of entry known as:



19. : Purchase return from customer should be posted to the credit side of:



20. : Right side of a ledger account is called:



21. : The left side of a ledger account is known as:



22. : Trial balance represents:



23. : Liabilities typically show:



24. : Properties normally show:



25. : Cost accounts normally show:



26. : Incomes/proceeds normally show:



27. : Fatalities normally represent:



28. : Profit normally represents:



29. : Arithmetical correctness of books of account is checked through:



30. : The main purpose of trial balance is to:



31. : The title given to an organization of information in accounting system is called:



32. : A form regularly used for tune increase and decrease in assets, liabilities and capital is called:



33. : Final account is very difficult to formulate in the absenteeism of:



34. : Transactions are finally noted in:



35. : For placement transaction on credit side of ledger’s account we use word:



36. : We use word for placement transaction on debit side of ledger’s account:



37. : Suspense account is opened in trial balance on the:



38. : Which type of error is not exposed by trial balance?



39. : When a suspense account is opened:



40. : Trial balance shows:



41. : Closing balance of last year will symbolize in current year:



42. : Ledger is a set of:



43. : A person who is beholden to business is called:



44. : A person to whom business is indebted is called:



45. : If two sides of an account are equal it represents:



46. : The difference between two sides of an account is called:



47. : The book where all business transactions are recorded and classified into relevant accounts is called:



48. : The balance on debit or credit side of closing of any account is called:



49. : Entering ledger page numbers in the journal and journal page numbers in the ledger is called cross-referencing.



50. : Entering ledger page numbers in the journal and journal page numbers in the ledger is called cross-referencing.



51. : To determine the balance of a particular account, one should refer to which of the following?



52. : Transferring entries from journal to ledger account is commonly known as:



53. : An account records the balance of an item in the:



54. : If credit side of a bank account is greater than the debit side, it indicates which of the following?



55. : If debit side of a bank account is greater than credit side it indicates which of the following?



56. : ______ will be credited if goods are given as charity:



57. : Which of the following is known as the base for preparing trial balance?



58. : If debit balance is greater than credit balance then the account balance will be:



59. : The normal balance of capital account is:



60. : The normal balance of asset account is:



61. : The normal balance of liability account is:



62. : The type of account with a normal credit balance is:



 

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