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 password

B. The user

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

D. The printer to be used

Answer: Option C

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 'Tax Deduction and Collection Account Number' (TAN) is required for:

A. Individuals only

B. Persons responsible for deducting or collecting tax at source

C. All taxpayers

D. Companies only

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Correct Answer: Option B

Explanation:
TAN is a 10-digit alphanumeric number required for deductors/collectors of tax.

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

Question #2

A and B share profits 3:2. They admit C for 1/5th share. C brings ₹50,000 as capital and ₹20,000 as goodwill. Goodwill is withdrawn by old partners. The amount credited to A's capital for goodwill will be:

A. ₹12,000

B. ₹20,000

C. ₹8,000

D. ₹10,000

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Correct Answer: Option A

Explanation:
Goodwill brought by C is distributed in sacrificing ratio, which is old ratio 3:2. A's share = 20,000 * 3/5 = ₹12,000.

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Question #3

In financial management, the 'Cost of Capital' is:

A. The total cost of setting up a business

B. The minimum return required by investors

C. The interest paid on loans

D. The depreciation cost

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Correct Answer: Option B

Explanation:
The cost of capital is the minimum rate of return that a company must earn on its investments to satisfy its investors and creditors.

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

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