A 'Journal Voucher' is prepared for: MCQ with Answer and Explanation

Question
A 'Journal Voucher' is prepared for:
A. Payment of wages
B. Credit sales
C. Cash purchases
D. Cash received from debtors
Answer: Option B
Solution (By JKSSB Mock Tests)
Credit sales do not involve immediate cash; hence recorded by a journal voucher (non-cash transfer voucher).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
When bad debts previously written off are recovered, which account is credited?
A. Bad Debts Recovered Account
B. Bad Debts Account
C. Debtor's Personal Account
D. Suspense Account
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Correct Answer: Option A

Explanation:
Bad debts recovered represent a gain for the business and are credited to a separate nominal account called 'Bad Debts Recovered Account'.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Permanent Account Number' (PAN) is issued by:
A. GSTN
B. RBI
C. Income Tax Department
D. MCA
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Correct Answer: Option C

Explanation:
PAN is a unique identifier issued by the Income Tax Department.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Contract Costs' under Ind AS 115 include:
A. Incremental costs of obtaining a contract and costs to fulfil a contract that are not covered by other standards
B. Only material
C. Only direct labour
D. All costs
Discuss
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Correct Answer: Option A

Explanation:
Incremental costs (like sales commissions) are capitalised if expected to be recovered.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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