If a cheque received from a customer is endorsed to a creditor on the same day, it is recorded in: MCQ with Answer and Explanation

Question
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. Sales Book
D. Cash Book
Answer: Option B
Solution (By JKSSB Mock Tests)
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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Practice More Accountancy and Book Keeping Questions

Question #1
The Central Board of Direct Taxes (CBDT) functions under which department of the Ministry of Finance?
A. Department of Expenditure
B. Department of Economic Affairs
C. Department of Revenue
D. Department of Financial Services
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Correct Answer: Option C

Explanation:
CBDT handles direct tax administration and forms part of the Department of Revenue.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Other Matter' paragraph refers to:
A. Matters already disclosed in financial statements
B. Matters other than those presented or disclosed in the financial statements that are relevant to understanding the audit, auditor's responsibilities, or report
C. Qualification
D. Adverse opinion
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Correct Answer: Option B

Explanation:
Other Matter deals with matters not in the financial statements.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Actuarial Gains and Losses' on defined benefit plans are recognised in:
A. Other Comprehensive Income (OCI) and not reclassified to profit or loss
B. Balance sheet
C. Profit or loss immediately
D. Deferred over period
Discuss
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Correct Answer: Option A

Explanation:
Ind AS 19 requires actuarial gains/losses to be recognised in OCI.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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