The 'Accounting Voucher' is prepared on the basis of: MCQ with Answer and Explanation

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The 'Accounting Voucher' is prepared on the basis of:

A. Final accounts

B. Ledger accounts

C. Trial balance

D. Supporting vouchers

Answer: Option D

Solution (By JKSSB Mock Tests)

Accounting vouchers (debit/credit/transfer) are prepared from source documents.

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

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Question #1

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S1: The sacrificing ratio is always in the old profit-sharing ratio. S2: The gaining ratio is always in the new profit-sharing ratio. Which statement(s) is/are correct?

A. Neither S1 nor S2

B. S1 only

C. S2 only

D. Both S1 and S2

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Correct Answer: Option A

Explanation:
The sacrificing ratio is calculated as Old Ratio - New Ratio. The gaining ratio is calculated as New Ratio - Old Ratio. They are not necessarily the same as the old or new ratios unless specifically stated. Both are incorrect.

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

Question #2

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If a cheque received from a customer is endorsed to a creditor on the same day, it is recorded in:

A. Cash Book

B. Journal Proper

C. Pass Book only

D. Sales Book

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Correct Answer: Option B

Explanation:
Since no cash or bank balance of the business changes, endorsement of a cheque is recorded in the Journal Proper.

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Question #3

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Which formula correctly represents 'Cost of Production'?

A. Cost of Production + Selling Overheads

B. Prime Cost + Factory Overheads

C. Factory Cost + Administrative Overheads

D. Prime Cost + Selling Overheads

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Correct Answer: Option C

Explanation:
In a cost sheet, Factory Cost added to Office and Administrative Overheads yields the Cost of Production.

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