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

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A 'Debit Note' is issued by:

A. Auditor to company

B. Bank to customer

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

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In partnership accounts, interest on drawings is charged when:

A. The partners have equal capital

B. It is agreed upon in the partnership deed

C. The firm makes a profit

D. It is mandatory as per Partnership Act 1932

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Correct Answer: Option B

Explanation:
Interest on drawings is only charged if it is explicitly mentioned and agreed upon in the partnership deed.

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

Question #2

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Net Profit Ratio is calculated on:

A. Gross sales

B. Total assets

C. Net sales

D. Capital

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Correct Answer: Option C

Explanation:
Net profit ratio = (Net profit / Net sales) * 100.

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

Question #3

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A complete omission to record a transaction in the journal will cause the Trial Balance to:

A. Show double the difference

B. Show a difference equal to the transaction amount

C. Show a difference equal to half the transaction amount

D. Tally without any difference

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Correct Answer: Option D

Explanation:
Since both debit and credit aspects are omitted completely, the Trial Balance equation remains balanced.

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

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