Accounting ProcessQuestion 5007 of 84
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A ledger is also known as the principal books of account. [Jan. 2025, 2 Marks]

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Detailed Solution & Explanation

True: A ledger is also known as the principal books of account. PRACTICAL QUESTIONS

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 Syllabus

Exam Strategy Tip

This topic carries 25-30% weightage. Focus on understanding core concepts rather than memorizing.

Key Concepts to Understand

Ledger

The principal book of accounts in which all business transactions are classified and posted under separate account heads. It is also called the 'Book of Final Entry' or the 'King of All Books'.

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Accounting Standards can override the statute. [June 2024, 2 Marks]

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Double Entry System [Jan. 2025, 5 Marks]

Petty Cash Book [June 2022, 5 Marks]

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