A Debit Voucher is specifically prepared for: MCQ with Answer and Explanation

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A Debit Voucher is specifically prepared for:

A. Purchase returns on credit

B. Cash payments

C. Cash receipts

D. Credit sales

Answer: Option B

Solution (By JKSSB Mock Tests)

Debit vouchers are documentary evidence for cash payments made to suppliers, for expenses, or for asset purchases.

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

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Question #1

Net loss for a period is ultimately adjusted against:

A. Sales

B. Capital

C. Liabilities

D. Assets

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Correct Answer: Option B

Explanation:
Net loss reduces owner's equity/capital.

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Question #2

The 'Cash Flow Statement' is prepared as per:

A. AS 10

B. AS 9

C. AS 22

D. AS 3

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Correct Answer: Option D

Explanation:
AS 3 deals with preparation of cash flow statements.

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Question #3

The 'Export Promotion Capital Goods' (EPCG) scheme allows import of capital goods at:

A. Concessional rate of customs duty subject to export obligation

B. Only GST exemption

C. Nil customs duty

D. High duty

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Correct Answer: Option A

Explanation:
EPCG allows import of capital goods at reduced duty against export commitment.

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