For real accounts, the rule is: MCQ with Answer and Explanation

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For real accounts, the rule is:

A. Debit the receiver, Credit the giver

B. None of these

C. Debit what comes in, Credit what goes out

D. Debit expenses and losses, Credit incomes and gains

Answer: Option C

Solution (By JKSSB Mock Tests)

Real accounts (assets) follow: Debit what comes in, credit what goes out.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

Which of the following is a non-integrated accounting system?

A. Cost accounts integrated with financial accounts

B. Cost and financial accounts maintained separately

C. Computerized accounting

D. Single entry system

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Correct Answer: Option B

Explanation:
Non-integrated system keeps cost and financial accounts independently, with reconciliation.

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

Question #2

On retirement of a partner, if the retiring partner is paid his dues in instalments, the method used is:

A. Surplus capital method

B. Maximum loss method

C. Proportionate capital method

D. Piecemeal distribution

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Correct Answer: Option D

Explanation:
When dues are paid in instalments, piecemeal distribution (as per Garner vs Murray rule) is applied.

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Question #3

S1: A Journal Voucher is used for non-cash transactions. S2: A Contra Voucher is used for cash and bank transactions. Which statement(s) is/are correct?

A. S2 only

B. Both S1 and S2

C. Neither S1 nor S2

D. S1 only

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Correct Answer: Option B

Explanation:
A Journal Voucher (or Transfer Voucher) is used for internal adjustments and non-cash transactions like depreciation. A Contra Voucher is used for transactions involving both cash and bank, like depositing cash into the bank. Both are correct.

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

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