In Balance Sheet, 'Bills Receivable' is a: MCQ with Answer and Explanation

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In Balance Sheet, 'Bills Receivable' is a:

A. Intangible asset

B. Current asset

C. Current liability

D. Fixed asset

Answer: Option B

Solution (By JKSSB Mock Tests)

Bills receivable are amounts due from debtors within a short period, hence current assets.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

A 'Cost Audit' is mandated for certain companies under:

A. GST Act

B. Companies Act, 2013

C. Income Tax Act

D. SEBI regulations

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Correct Answer: Option B

Explanation:
Cost audit is required for specified companies as per Section 148 of Companies Act, 2013.

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Question #2

A partner's drawings are ₹12,000 drawn evenly throughout the year. Interest on drawings @ 10% p.a. would be:

A. ₹550

B. ₹300

C. ₹600

D. ₹1,200

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Correct Answer: Option C

Explanation:
If drawings are made evenly throughout the year, average period = 6 months. Interest = 12,000 × 10% × 6/12 = ₹600.

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Question #3

Return of goods by a customer should be debited to:

A. Sales Return (Return Inwards) Account

B. Sales Account

C. Customer Account

D. Purchase Return Account

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Correct Answer: Option A

Explanation:
Goods are coming back (Debit what comes in), representing a reduction in sales revenue, handled via the Sales Return account.

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

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