The process of recording transactions in the journal is called: MCQ with Answer and Explanation

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The process of recording transactions in the journal is called:

A. Balancing

B. Footing

C. Posting

D. Journalizing

Answer: Option D

Solution (By JKSSB Mock Tests)

Journalizing is the process of recording business transactions chronologically in the journal, which is the book of original entry.

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

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Question #1

The 'Export Oriented Unit' (EOU) scheme provides:

A. No benefit

B. Customs and excise duty exemption on imports and domestic procurement

C. Income tax holiday only

D. GST exemption only

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Correct Answer: Option B

Explanation:
EOUs enjoy various tax and duty exemptions to boost exports.

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Question #2

The 'HSN Code' under GST is used for:

A. Identifying the type of goods

B. Both A and C

C. Tax rate determination

D. Identifying the buyer

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Correct Answer: Option B

Explanation:
HSN (Harmonized System of Nomenclature) code classifies goods for tax rates.

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

Question #3

A firm's break-even point is 4,000 units. The variable cost per unit is ₹20, and the fixed cost is ₹40,000. What is the selling price per unit?

A. ₹35

B. ₹30

C. ₹40

D. ₹25

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Correct Answer: Option B

Explanation:
At BEP, Total Contribution = Fixed Costs. Contribution per unit = Fixed Cost / BEP units = 40,000 / 4,000 = ₹10. Selling Price = Variable Cost + Contribution = 20 + 10 = ₹30.

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

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