A debenture is a: MCQ with Answer and Explanation

Question
A debenture is a:
A. Instrument acknowledging a debt
B. Form of preference share
C. Short-term asset
D. Document of ownership
Answer: Option A
Solution (By JKSSB Mock Tests)
A debenture is a written instrument issued under the common seal of the company acknowledging a long-term debt to the holders.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Government accounting in India primarily follows which system of accounting for its core budgets?
A. Mercantile Basis
B. Accrual Basis
C. Target Costing
D. Cash Basis
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Correct Answer: Option D

Explanation:
Historically, Indian government accounting is primarily cash-based, tracking the actual flow of funds into and out of government treasuries.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following is not a column in a three-column cash book?
A. Discount
B. Cash
C. Journal folio
D. Bank
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Correct Answer: Option C

Explanation:
Three-column cash book has discount, cash, and bank columns. Journal folio is not a column; ledger folio might appear.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Net loss for a period is ultimately adjusted against:
A. Liabilities
B. Capital
C. Sales
D. Assets
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Correct Answer: Option B

Explanation:
Net loss reduces owner's equity/capital.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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