A contra entry is passed in the: MCQ with Answer and Explanation

Question
A contra entry is passed in the:
A. Ledger
B. Cash Book
C. Trial Balance
D. Journal Proper
Answer: Option B
Solution (By JKSSB Mock Tests)
Contra entries involve transactions between cash and bank columns and are recorded exclusively in the triple-column cash book.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Investment Property' (Ind AS 40) is measured initially at:
A. Net realisable value
B. Fair value
C. Cost
D. Replacement value
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Correct Answer: Option C

Explanation:
Initial measurement is at cost; subsequently either cost model or fair value model.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The financial statement that shows profitability for a period is:
A. Balance Sheet
B. Profit and Loss Account
C. Cash Flow Statement
D. Funds Flow Statement
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Correct Answer: Option B

Explanation:
Profit and Loss Account shows the net profit or loss over a period.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
For real accounts, the rule is:
A. Debit expenses and losses, Credit incomes and gains
B. Debit the receiver, Credit the giver
C. Debit what comes in, Credit what goes out
D. None of these
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Correct Answer: Option C

Explanation:
Real accounts (assets) follow: Debit what comes in, credit what goes out.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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