A 'Rectifying Entry' is passed to: MCQ with Answer and Explanation

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A 'Rectifying Entry' is passed to:

A. Correct errors in accounts

B. Close the books

C. Adjust depreciation

D. Record opening entries

Answer: Option A

Solution (By JKSSB Mock Tests)

Rectifying entries correct errors found after posting.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

The 'Voucher Number' should be:

A. Sequential and unique

B. Date-based

C. Random

D. Same for all

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Correct Answer: Option A

Explanation:
Vouchers should be numbered serially for control and easy reference.

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

Question #2

A 'Voucher' that records a transaction involving both cash and bank is called:

A. Contra voucher

B. Payment voucher

C. Journal voucher

D. Receipt voucher

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Correct Answer: Option A

Explanation:
Contra vouchers record transactions like cash deposited into bank or withdrawn from bank.

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

Question #3

In a partnership, if a partner is guaranteed a minimum profit share, deficiency is borne by:

A. The partner giving guarantee

B. The firm

C. All partners equally

D. From reserves

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Correct Answer: Option A

Explanation:
If a partner guarantees a minimum profit to another, any shortfall is made good by the guaranteeing partner.

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

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