If a transaction involves payment of Rs 10,000 for purchasing a machine, what type of voucher is prepared? MCQ with Answer and Explanation

Question

Share Report Error

If a transaction involves payment of Rs 10,000 for purchasing a machine, what type of voucher is prepared?

A. Journal Voucher

B. Credit Voucher

C. Transfer Voucher

D. Debit Voucher (Cash Payment Voucher)

Answer: Option D

Solution (By JKSSB Mock Tests)

A debit voucher is prepared for all cash payments, supporting the outflow of cash for expenses, assets, or creditors.

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 audit report is addressed to:

A. Government

B. Board of directors

C. Management

D. Shareholders

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Correct Answer: Option D

Explanation:
The auditor's report is addressed to the members (shareholders) of the company.

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

Question #2

The 'Ledger Folio' (L.F.) column in journal is filled when:

A. Trial balance is prepared

B. Posting is done to ledger

C. Transaction is recorded

D. Final accounts are made

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Correct Answer: Option B

Explanation:
Ledger folio is written in journal after posting to ledger, indicating the page number of ledger.

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

Question #3

Income received in advance is a:

A. Fictitious Asset

B. Fixed Asset

C. Current Asset

D. Current Liability

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Correct Answer: Option D

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

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