An entry recorded on both sides of a cash book is known as a: MCQ with Answer and Explanation

Question
An entry recorded on both sides of a cash book is known as a:
A. Reversing entry
B. Compound entry
C. Contra entry
D. Double entry
Answer: Option C
Solution (By JKSSB Mock Tests)
A contra entry affects both the cash and bank columns (e.g., cash deposited into bank), requiring no further ledger posting.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
An audit that is conducted between two annual audits is called:
A. Continuous audit
B. Final audit
C. Interim audit
D. Statutory audit
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Correct Answer: Option C

Explanation:
Interim audit is performed in between the year, often for dividend declaration or half-yearly results.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
S1: Ind AS 1 deals with Presentation of Financial Statements. S2: Ind AS 101 deals with First-time Adoption of Ind AS. Which statement(s) is/are correct?
A. S1 only
B. S2 only
C. Both S1 and S2
D. Neither S1 nor S2
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Correct Answer: Option C

Explanation:
Ind AS 1 prescribes the basis for presentation of general purpose financial statements. Ind AS 101 provides the procedures for an entity adopting Ind AS for the first time. Both statements correctly identify the standards.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Cash flow from operating activities includes:
A. Issue of shares
B. Repayment of loan
C. Cash received from customers
D. Sale of machinery
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Correct Answer: Option C

Explanation:
Cash from customers is operating activity. Sale of machinery is investing, issue of shares and loan repayment are financing.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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