The 'Sales Book' total is posted to: MCQ with Answer and Explanation

Question

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The 'Sales Book' total is posted to:

A. Credit side of Debtors Account

B. Debit side of Creditors Account

C. Debit side of Sales Account

D. Credit side of Sales Account

Answer: Option D

Solution (By JKSSB Mock Tests)

Sales book total is credited to Sales Account (revenue) and individual debtors are debited.

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

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Question #1

'Bonus Shares' are issued by:

A. Rights issue

B. Capitalizing reserves

C. Private placement

D. Fresh issue to public

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Correct Answer: Option B

Explanation:
Bonus shares are issued to existing shareholders without consideration, by capitalizing reserves.

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

Question #2

Assertion (A): Wages paid for erection of a new plant are debited to Plant and Machinery account. Reason (R): All expenses incurred to bring an asset to its working condition are capitalised. Choose the correct option:

A. Both A and R are true and R is the correct explanation of A.

B. A is false but R is true.

C. Both A and R are true but R is not the correct explanation of A.

D. A is true but R is false.

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Correct Answer: Option A

Explanation:
Wages for plant installation are capital expenditure, so A is true. R correctly explains why.

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

Question #3

S1: A joint venture is a temporary partnership. S2: A joint venture has a separate legal entity. Which statement(s) is/are correct?

A. Neither S1 nor S2

B. S2 only

C. S1 only

D. Both S1 and S2

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Correct Answer: Option C

Explanation:
A joint venture is formed for a specific, short-term purpose and terminates upon completion, making it a temporary partnership. Unlike a company, it does not have a separate legal entity distinct from its co-venturers. S1 is correct, S2 is incorrect.

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

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