At the end of the accounting year, all the nominal accounts of the ledger book are balanced. [June 2022, 2 Marks]; [Sep. 2024, 2 Marks]; [MTP Jan. 2025]
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Accounting ProcessQuestion 5004 of 84
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Detailed Solution & Explanation
False: At the end of the accounting year, all the Nominal Accounts of the ledger book are
transferred to P /L A/ c.
About This Chapter: Accounting Process
Paper
Paper 1: Accounting
Weightage
25-30%
Key Topics
Journal, Ledger, Trial Balance, Cash Book, Rectification
This chapter covers Journal, Ledger, Trial Balance, Cash Book, Rectification and is part of Paper 1: Accounting in the CA Foundation exam.
View Official ICAI SyllabusExam Strategy Tip
This topic carries 25-30% weightage. Focus on understanding core concepts rather than memorizing.
Key Concepts to Understand
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