S1: A debit voucher is prepared for cash payments. S2: A journal voucher is prepared for non-cash transactions. Which statement(s) is/are correct? MCQ with Answer and Explanation
S1: A debit voucher is prepared for cash payments. S2: A journal voucher is prepared for non-cash transactions. Which statement(s) is/are correct?
A. S2 only
B. S1 only
C. Neither S1 nor S2
D. Both S1 and S2
Answer: Option A
Solution (By JKSSB Mock Tests)
A payment voucher (not debit voucher) is prepared for cash payments. A journal voucher is indeed used for non-cash transactions like depreciation or rectification of errors. S1 is incorrect, S2 is correct.
The 'Audit Documentation' should be sufficient to:
A.Enable an experienced auditor, having no previous connection with the audit, to understand the nature, timing, extent of procedures, results, and conclusions
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