A 'Debit Note' is issued by: MCQ with Answer and Explanation

Question
A 'Debit Note' is issued by:
A. Bank to customer
B. Auditor to company
C. Seller to buyer for goods returned
D. Buyer to seller for goods returned
Answer: Option D
Solution (By JKSSB Mock Tests)
A debit note is prepared by the buyer when returning goods, informing the seller that his account is debited.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
S1: Audit reporting is the final stage of the audit process. S2: The auditor's report is addressed to the shareholders of the company. Which statement(s) is/are correct?
A. S2 only
B. S1 only
C. Both S1 and S2
D. Neither S1 nor S2
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Correct Answer: Option C

Explanation:
Audit reporting is indeed the final stage where the auditor expresses their opinion. Under the Companies Act, the auditor's report is addressed to the members (shareholders) of the company. Both statements are correct.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
In government accounting, 'Consolidated Fund' refers to:
A. Funds for emergency
B. All revenues and loans raised by government
C. Public provident fund
D. Funds of public sector units
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Correct Answer: Option B

Explanation:
Consolidated Fund of India includes all revenues, loans, and repayments, from which all expenditure is met.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A 'Voucher' that records non-cash transactions is called:
A. Bank voucher
B. Cash voucher
C. Transfer voucher (Journal voucher)
D. Receipt voucher
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Correct Answer: Option C

Explanation:
Non-cash transactions like depreciation, credit sales are recorded via transfer vouchers or journal vouchers.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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