A sales book is meant to record: MCQ with Answer and Explanation

Question
A sales book is meant to record:
A. Cash sales of goods
B. Sales of assets
C. Credit sales of goods
D. All sales of goods
Answer: Option C
Solution (By JKSSB Mock Tests)
Sales book records only credit sales of goods in which the trader deals.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Under the General Financial Rules (GFR) 2017, every government servant is expected to maintain absolute integrity and:
A. Absolute devotion to duty
B. Absolute political neutrality
C. Both absolute honesty and absolute devotion to duty
D. Absolute honesty
Discuss
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Correct Answer: Option C

Explanation:
Rule 3 of GFR 2017 states that every government servant is expected to maintain absolute integrity, absolute honesty, and absolute devotion to duty in the performance of their official duties.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
In the Balance Sheet, 'Share Application Money Pending Allotment' is shown as:
A. Current liability
B. Reserves and surplus
C. Non-current liability
D. Share capital
Discuss
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Correct Answer: Option A

Explanation:
It is a liability until shares are allotted, and if allotment is due within 12 months, it's current.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'External Commercial Borrowings' (ECB) policy is governed by:
A. SEBI
B. DGFT
C. Ministry of Finance
D. RBI
Discuss
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Correct Answer: Option D

Explanation:
ECB policy and regulations are formulated by RBI in consultation with Government.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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