A 'Supporting Voucher' is also known as: MCQ with Answer and Explanation

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A 'Supporting Voucher' is also known as:

A. Transfer voucher

B. Journal voucher

C. Cash voucher

D. Source document

Answer: Option D

Solution (By JKSSB Mock Tests)

Source documents like bills, receipts support the transaction.

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

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Question #1

The 'GST on Affordable Housing' under the new regime is:

A. Exempt

B. 5%

C. 12%

D. 1% without ITC

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Correct Answer: Option D

Explanation:
GST for affordable housing is 1% without input tax credit.

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

Question #2

In partnership, the 'Sacrificing Ratio' is calculated during:

A. Admission of a partner

B. Dissolution of the firm

C. Death of a partner

D. Retirement of a partner

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Correct Answer: Option A

Explanation:
The sacrificing ratio is the ratio in which existing partners give up their share of profit in favor of the new partner upon admission.

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

Question #3

Under GST, the 'Composition Scheme' is available to small taxpayers with aggregate turnover up to:

A. ₹20 lakh

B. ₹10 crore

C. ₹50 lakh

D. ₹1.5 crore

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Correct Answer: Option D

Explanation:
For goods, composition scheme limit is ₹1.5 crore (₹75 lakh for some states). For services, separate limit. The general limit for goods is ₹1.5 crore.

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

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