In voucher system, a 'Debit Voucher' is prepared for: MCQ with Answer and Explanation

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In voucher system, a 'Debit Voucher' is prepared for:

A. Cash receipts

B. Credit purchases

C. Credit sales

D. Cash payments

Answer: Option D

Solution (By JKSSB Mock Tests)

Debit voucher records cash/bank payment transactions.

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

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Question #1

In a voucher system, which voucher is used to record credit sales?

A. Credit voucher

B. Cash voucher

C. Debit voucher

D. Journal voucher

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Correct Answer: Option D

Explanation:
Credit sales involve no immediate cash, so a journal voucher (non-cash voucher) is used to record the transaction.

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

Question #2

The 'Deferred Tax' on account of timing differences is calculated using:

A. Minimum Alternate Tax rate

B. Current year tax rate

C. Enacted tax rates that will apply in the periods when the differences reverse

D. Average tax rate

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Correct Answer: Option C

Explanation:
Deferred tax is measured using tax rates that have been enacted or substantively enacted by the reporting date.

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

Question #3

A bill of exchange for ₹20,000 discounted with bank for ₹19,500. The discount charged is:

A. ₹1,000

B. ₹500

C. ₹19,500

D. ₹20,000

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Correct Answer: Option B

Explanation:
Discount = Face value - Amount received = 20,000 - 19,500 = ₹500.

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

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