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

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A Debit Voucher is specifically prepared for:

A. Cash receipts

B. Purchase returns on credit

C. Credit sales

D. Cash payments

Answer: Option D

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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Practice More Accountancy and Book Keeping Questions

Question #1

If a trial balance does not tally, the difference is put to:

A. Profit and Loss account

B. Drawings account

C. Capital account

D. Suspense account

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Correct Answer: Option D

Explanation:
A suspense account is opened temporarily to make the trial balance agree pending detection of errors.

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

Question #2

The 'Modification of a Lease' is accounted for as:

A. No accounting

B. Original lease continues

C. A separate lease if it adds the right to use one or more underlying assets at a price commensurate with standalone price; otherwise remeasure

D. Termination of original lease

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Correct Answer: Option C

Explanation:
Ind AS 116 provides specific guidance for modifications.

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

Question #3

The 'Segment Information' under Ind AS 108 is based on:

A. Product lines only

B. The management approach (as reported internally to the chief operating decision maker)

C. Legal entities

D. Geographical areas only

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Correct Answer: Option B

Explanation:
Ind AS 108 adopts a 'management approach' to identify operating segments.

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

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