Account True False[1 Marks ]

Ledger is a book of original entry.

L.F. in the journal is filled at the time of posting.

The process of recording a transaction in the Ledger is called posting.

While preparing Cash A/c of the Current Year, the balance of the previous year is shown as 'To Balance b/d'.

Assets accounts may have either debit or credit balance.

The balance of an account is always known by the side which is in excess.

All business transactions are first of all recorded in a Ledger.

Posting is made at the debit side of an account, which has been credited in the Journal Entry.

While preparing Capital A/c of the Current Year, the balance of the previous year is shown as ‘By Balance b/d’.

Personal accounts may have either debit or credit balance.

Debit balance of a nominal account shows income of the business.