In a computerised accounting system, the 'Voucher Type' defines: MCQ with Answer and Explanation

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In a computerised accounting system, the 'Voucher Type' defines:

A. The printer to be used

B. The nature of transaction (e.g., receipt, payment, contra)

C. The user

D. The password

Answer: Option B

Solution (By JKSSB Mock Tests)

Voucher type categorises transactions for processing and posting.

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

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Question #1

The 'Going Concern' assumption in audit is evaluated by:

A. Management only

B. Tax department

C. Shareholders

D. Auditor to assess whether the entity can continue in operation

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Correct Answer: Option D

Explanation:
Auditor must consider the appropriateness of management's use of going concern basis.

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

Question #2

The 'Gross Profit' is transferred to:

A. Profit and Loss Account credit

B. Capital Account

C. Trading Account debit

D. Balance Sheet liability

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Correct Answer: Option A

Explanation:
Gross profit is credited to Profit & Loss Account.

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

Question #3

The 'Lease Liability' under Ind AS 116 is measured at:

A. Undiscounted sum

B. Cost

C. Fair value

D. Present value of lease payments not yet paid

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Correct Answer: Option D

Explanation:
Lease liability is initially measured at present value of future lease payments.

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

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