A 'Contra Entry' is recorded in: MCQ with Answer and Explanation

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A 'Contra Entry' is recorded in:

A. Cash book (with bank and cash columns)

B. Purchase book

C. Journal proper

D. Sales book

Answer: Option A

Solution (By JKSSB Mock Tests)

Contra entries (like cash deposited into bank) involve both cash and bank, recorded in cash book.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

The 'Advance Pricing Agreement' (APA) programme in India is for:

A. Audit fees

B. Determining arm's length price in international transactions prospectively

C. Fixing GST rates

D. Customs valuation

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Correct Answer: Option B

Explanation:
APA provides certainty on transfer pricing for future years.

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Question #2

A 'Social Audit' differs from financial audit as it:

A. Is done by a chartered accountant only

B. Is for tax purposes

C. Ignores stakeholders

D. Examines social and environmental performance

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Correct Answer: Option D

Explanation:
Social audit evaluates non-financial aspects like social impact.

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Question #3

The 'Correction of an Error' (Ind AS 8) is done:

A. Prospectively

B. By creating a provision

C. Retrospectively by restating comparative amounts

D. By charging to current year

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Correct Answer: Option C

Explanation:
Material prior period errors are corrected retrospectively.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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