In the context of the Cash Book, the term 'C' written against an entry stands for: MCQ with Answer and Explanation

Question
In the context of the Cash Book, the term 'C' written against an entry stands for:
A. Credit
B. Cash
C. Carry forward
D. Contra
Answer: Option D
Solution (By JKSSB Mock Tests)
The letter 'C' in the Ledger Folio column signifies a contra entry, which impacts both cash and bank columns.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Residential status under the Income Tax Act depends primarily on:
A. Place of birth
B. Citizenship of the individual
C. Physical presence (number of days) in India during the previous year
D. Location of assets owned
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Correct Answer: Option C

Explanation:
An individual's residential status for tax purposes is determined by their period of stay in India during the relevant financial year, irrespective of citizenship.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following is not an external user of accounting information?
A. Management
B. Government
C. Investors
D. Suppliers
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Correct Answer: Option A

Explanation:
Management is an internal user. External users include investors, government, suppliers, creditors, etc.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
GST was introduced in India on:
A. 1st April 2017
B. 1st July 2017
C. 1st April 2016
D. 1st January 2017
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Correct Answer: Option B

Explanation:
Goods and Services Tax (GST) was rolled out on 1st July 2017.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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