'Bills Payable' is shown under: MCQ with Answer and Explanation

Question
'Bills Payable' is shown under:
A. Non-current liabilities
B. Current assets
C. Current liabilities
D. Capital
Answer: Option C
Solution (By JKSSB Mock Tests)
Bills payable are obligations payable on demand or within a year, thus current liabilities.
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 'GST Compensation Cess' on motor vehicles for personal use is:
A. Fixed 28%
B. Nil
C. Varies from 1% to 22% depending on engine capacity and type
D. 10%
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Correct Answer: Option C

Explanation:
Compensation cess on automobiles ranges from 1% to 22% over and above the 28% GST.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Income received in advance is a:
A. Fixed Asset
B. Current Asset
C. Current Liability
D. Fictitious Asset
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Correct Answer: Option C

Explanation:
Money received for services yet to be performed creates an obligation to provide the service, thus it is a liability.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
If a cheque received from a customer is endorsed to a creditor on the same day, it is recorded in:
A. Pass Book only
B. Journal Proper
C. Cash Book
D. Sales Book
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Correct Answer: Option B

Explanation:
Since no cash or bank balance of the business changes, endorsement of a cheque is recorded in the Journal Proper.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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