A 'Bill Receivable Book' records: MCQ with Answer and Explanation

Question
A 'Bill Receivable Book' records:
A. All bills
B. Bills accepted by business
C. Bills drawn by the business and accepted by debtors
D. Bills payable
Answer: Option C
Solution (By JKSSB Mock Tests)
Bills Receivable Book records all bills of exchange drawn on debtors and accepted by them.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Which concept dictates that Financial Statements should disclose all significant information affecting the judgment of a user?
A. Materiality
B. Full Disclosure
C. Consistency
D. Matching
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Correct Answer: Option B

Explanation:
The Full Disclosure principle ensures that investors and creditors have all the material information needed to make informed decisions.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which document is prepared to inform the supplier that his account has been debited due to purchase returns?
A. Credit Note
B. Invoice
C. Debit Note
D. Cash Memo
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Correct Answer: Option C

Explanation:
A debit note is sent to the supplier indicating that their account has been debited (reduced) in our books due to returned goods.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A company declares dividend at 10% on equity shares of ₹10 each. On 5,000 shares, dividend amount is:
A. ₹10,000
B. ₹5,000
C. ₹50,000
D. ₹500
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Correct Answer: Option B

Explanation:
Dividend = 10% of (5,000 * 10) = 10% of 50,000 = ₹5,000.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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