A 'Narration' in a journal entry is: MCQ with Answer and Explanation

Question

Share Report Error

A 'Narration' in a journal entry is:

A. A brief description of the transaction

B. The date of transaction

C. The ledger folio

D. The amount

Answer: Option A

Solution (By JKSSB Mock Tests)

Narration provides a short explanation of the transaction recorded.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

Share Report

If a partner advances a loan to the firm and the partnership deed is silent, the interest on the loan is payable at:

A. 6% p.a.

B. 5% p.a.

C. Bank rate

D. 12% p.a.

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
The Indian Partnership Act stipulates that partners are entitled to 6% p.a. interest on any advances or loans given to the firm beyond their capital.

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

Question #2

Share Report

The break-even point is the point where:

A. Total cost equals total revenue

B. Total variable cost equals fixed cost

C. Loss is maximum

D. Profit is maximum

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
At break-even point, there is no profit or loss; total revenue equals total costs.

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

Question #3

Share Report

The 'Monetary Policy Committee' (MPC) in India decides the:

A. Tax rates

B. Fiscal deficit target

C. Repo rate and other monetary policy instruments

D. Budget allocation

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
MPC is responsible for setting the policy repo rate to achieve inflation target.

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

Explore All Accountancy and Book Keeping MCQs