In which book, credit purchase of machinery is recorded? MCQ with Answer and Explanation

Question
In which book, credit purchase of machinery is recorded?
A. Sales book
B. Journal Proper
C. Purchase book
D. Cash book
Answer: Option B
Solution (By JKSSB Mock Tests)
Purchase book is for credit purchases of goods. Machinery is an asset, so credit purchase is recorded in Journal Proper.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
Which of the following is a feature of the Indian Financial System?
A. It is entirely unregulated
B. It does not include capital markets
C. It consists of both organized and unorganized sectors
D. It only includes commercial banks
Discuss
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Correct Answer: Option C

Explanation:
The Indian Financial System comprises both the organized sector (RBI, banks, stock exchanges) and the unorganized sector (moneylenders, indigenous bankers).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Composition Scheme' under GST is optional for:
A. Large taxpayers
B. Small taxpayers with turnover up to specified limit
C. Importers
D. All taxpayers
Discuss
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Correct Answer: Option B

Explanation:
Small taxpayers can opt for composition levy to reduce compliance burden.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Securities Transaction Tax' (STT) is levied under:
A. Securities Contracts (Regulation) Act
B. Income Tax Act
C. GST Act
D. Finance Act (Chapter VII of Finance (No.2) Act, 2004)
Discuss
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Correct Answer: Option D

Explanation:
STT is levied through the Finance Act.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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