CMA Foundation Dec 2026 | Paper 2 FFCA — Journal & Ledger ALL MCQs Solved

CMA Foundation December 2026 students — this video covers ALL MCQs on Journal & Ledger (including Accounting Concepts & Conventions) from Paper 2 (FFCA), solved one by one with clear reasoning for each option. 📌 What's covered in this video: ✅ Accounting Concepts & Conventions — Consistency, Conservatism, Materiality, Matching, Going Concern, Cost Concept ✅ Journal entries — compound entries, contra entries, journal proper ✅ Ledger posting, folio, personal/real/nominal accounts ✅ Trial Balance — errors, one-sided vs two-sided errors ✅ Source documents, debit notes, credit notes ✅ Contingent liabilities vs provisions ✅ Free downloadable PDF with all solved MCQs 🎯 This chapter forms the foundation for your entire FFCA paper — strong conceptual clarity here means fewer silly mistakes in every other chapter too. 📥 FREE PDF DOWNLOAD: Link available in the description box below and pinned as the first comment. 💬 Got doubts on any question? Drop them in the comments — I'll help you out. ⏱️ TIMESTAMPS: 0:00 Intro — Journal & Ledger MCQs 0:24 Consistency Concept 0:58 Contingent Liability vs Provision 1:25 Wages for Installation — Capital Expenditure 1:41 Revenue Reserve 2:03 Compound Journal Entries 6:33 Accounting Equation 9:58 Materiality Concept 11:38 Personal, Real & Nominal Accounts 19:57 Contingent Liability in Financial Statements 33:50 Financial Statements — What's Included ❓ FREQUENTLY ASKED QUESTIONS Q1. What is the consistency concept in accounting? A. The consistency concept states that a business should follow the same accounting method or policy year after year, rather than changing it frequently. This ensures financial statements of different periods can be fairly compared. Q2. What is the difference between a contingent liability and a provision? A. A provision is created for a probable, estimable future expense or loss (e.g., doubtful debts) and is recorded in the books. A contingent liability is a possible obligation that depends on an uncertain future event (e.g., an unacknowledged claim against the company) and is only disclosed in notes to accounts, not recorded in the books. Q3. What is the matching concept in accounting? A. The matching concept states that expenses for an accounting period should be matched with the income earned in that same period, so that profit is calculated accurately. Q4. What is the conservatism (prudence) concept? A. The conservatism concept advises accountants to provide for all anticipated losses but not to anticipate any unrealized gains or profits. For example, provision for doubtful debts is created, but anticipated profits are never recorded in advance. Q5. What is the materiality concept? A. The materiality concept states that only information significant enough to influence the decisions of users of financial statements needs special disclosure or treatment — insignificant items can be rounded off or simplified. Q6. What is journal proper used for? A. Journal proper is used to record transactions that don't fit into any specific subsidiary book — such as opening entries, closing entries, rectification entries, transfer entries, and adjustment entries (e.g., depreciation adjustments). Q7. What is a contra entry in the cash book? A. A contra entry occurs when both the debit and credit aspects of a transaction appear in the cash book itself — such as cash deposited into a bank or cash withdrawn from a bank. Q8. What causes a trial balance to disagree? A. A trial balance disagrees when a one-sided error occurs — for example, posting one aspect of an entry with a different amount than the other, or under/overcasting a subsidiary book. Two-sided errors (like treating sales return as purchase return) do not affect the trial balance. 👉 Subscribe for more CMA Foundation Paper 2 FFCA chapter-wise MCQ solving, free study material, and exam strategy. --- 🔗 Useful Links: Free PDF (Journal & Ledger MCQs Solved): [link in description/pinned comment] Full ICMAI Question Bank Playlist: Must Do Kit For December 2026: 📚 Join Our CA/ CMA Foundation & Intermediate Classes 👉 Modes: Face-to-Face (Kolkata), Live Online, Google Drive, and Pendrive 📞 𝐖𝐡𝐚𝐭𝐬𝐀𝐩𝐩: / 🌐 𝐕𝐢𝐬𝐢𝐭: ‎🌐 𝐖𝐡𝐚𝐭𝐬𝐀𝐩𝐩 𝐂𝐡𝐚𝐧𝐧𝐞𝐥: 🌐 𝐓𝐞𝐥𝐞𝐠𝐫𝐚𝐦: 🌐 𝐈𝐧𝐬𝐭𝐚𝐠𝐫𝐚𝐦: #CMAFoundation #FFCA #JournalAndLedger #CMAFoundationDecember2026