A Cash Book with Cash, Bank, and Discount columns is called a: MCQ with Answer and Explanation

A Cash Book with Cash, Bank, and Discount columns is called a:
A. Three-column Cash Book
B. Petty Cash Book
C. Two-column Cash Book
D. Simple Cash Book
Answer: Option A
Solution (By JKSSB Mock Tests)
A three-column cash book tracks cash transactions, bank transactions, and discounts allowed/received simultaneously.

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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Going Concern Concept' implies:
A. The business will merge with another
B. The business is bankrupt
C. The business will continue for the foreseeable future
D. The business will be closed within a year

Correct Answer: Option C


Explanation:
It assumes the entity will continue operations and not liquidate.

Question #2
The 'Controller General of Accounts' (CGA) is under:
A. NITI Aayog
B. RBI
C. CAG
D. Ministry of Finance

Correct Answer: Option D


Explanation:
CGA is the principal accounting advisor to the Government of India, functioning under Ministry of Finance.

Question #3
S1: An error of principle occurs when a transaction is recorded in the wrong class of account. S2: An error of omission occurs when a transaction is completely omitted from the books. Which statement(s) is/are correct?
A. Both S1 and S2
B. Neither S1 nor S2
C. S1 only
D. S2 only

Correct Answer: Option A


Explanation:
An error of principle violates fundamental accounting rules (e.g., treating a capital expense as revenue). An error of complete omission means the transaction is not recorded at all. Both definitions are correct.