SSC CGL Finance – Self-Balancing Ledgers – Level 1 · Warm-up

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SSC CGL Finance – Self-Balancing Ledgers – Level 1 · Warm-up – 12 questions, subject: Finance & Economics (Tier II Paper III). Every question has the correct answer with a one-line explanation; tap "Show Answer". Free practice for TNPSC, UPSC, SSC, Bank and RRB exams – Shanmugam IAS Academy, Coimbatore.

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1.  
Under the self-balancing system, the account kept in the debtors' ledger to make it balance is the:

Correct Answer: A [General Ledger Adjustment Account]

Explanation:

The adjustment account is named after the other ledger – the general ledger.

2.  
The Debtors' Ledger Adjustment Account is kept in the:

Correct Answer: C [general ledger]

Explanation:

It represents all customers' accounts inside the general ledger.

3.  
The normal balance of the General Ledger Adjustment Account in the debtors' ledger is a:

Correct Answer: D [credit balance]

Explanation:

Mirror of the debit-balance Debtors' control.

4.  
Credit sales are posted to the Debtors' Ledger Adjustment Account (general ledger) on its:

Correct Answer: B [debit side]

Explanation:

Credit sales raise the customers' dues.

5.  
Which item is NOT recorded in the Debtors' Ledger Adjustment Account?

Correct Answer: D [Cash sales]

Explanation:

Cash sales touch no customer's account.

6.  
Discount received from suppliers is entered in the Creditors' Ledger Adjustment Account (general ledger) on the:

Correct Answer: C [debit side]

Explanation:

It reduces what we owe suppliers.

7.  
The creditors' ledger is also called the:

Correct Answer: A [bought ledger]

Explanation:

Suppliers' accounts – purchases (bought) ledger.

8.  
Opening debtors ₹ 45,000; credit sales ₹ 80,000; cash received from debtors ₹ 65,000; sales returns ₹ 5,000. Closing debtors:

Correct Answer: B [₹ 55,000]

Explanation:

45,000 + 80,000 − 65,000 − 5,000 = 55,000.

9.  
In the sectional balancing system, the Total Debtors Account is:

Correct Answer: B [a memorandum account in the general ledger]

Explanation:

Only the general ledger is balanced; the total accounts are memorandum.

10.  
Fill in the blankThe source of the monthly total of credit sales posted to the control account is the ______.

Correct Answer: C [sales book]

Explanation:

Credit sales are recorded in the sales (day) book.

11.  
A bill receivable dishonoured is shown in the Debtors' Ledger Adjustment Account (general ledger) on the:

Correct Answer: A [debit side]

Explanation:

The customer owes again – debtors rise.

12.  
Odd one outOdd one out (does not enter the Debtors' control account):

Correct Answer: D [Provision for doubtful debts]

Explanation:

A provision does not change any customer's balance.

➤ Full notes, shortcuts and every answer explained – SSC CGL 2026 Finance & Economics (Tier II Paper III) book (₹149): www.shanmugamiasacademy.in/study-materials/ssc-cgl-finance-economics

📘 SSC CGL 2026 – General Studies – Finance & Economics (Tier II Paper III)
Here you get the answer with a one-line explanation. 1,064 original questions with worked answers · Part A Finance & Accounts and Part B Economics & Governance notes · practice sets + 3 mock tests
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