The term 'Debtors' represent: MCQ with Answer and Explanation

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The term 'Debtors' represent:

A. Bills payable

B. Amounts owed to the business by customers

C. Outstanding expenses

D. Amounts owed by the business

Answer: Option B

Solution (By JKSSB Mock Tests)

Debtors are persons/entities who owe money to the business for goods/services provided on credit.

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

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Question #1

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The 'Comptroller and Auditor General' (CAG) is appointed by:

A. President of India

B. Prime Minister

C. Finance Minister

D. Parliament

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Correct Answer: Option A

Explanation:
CAG is appointed by the President under Article 148.

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

Question #2

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The 'Tax Collected at Source' (TCS) applies to:

A. Salary payments

B. Certain specified transactions like sale of scrap, motor vehicles above ₹10 lakh, etc.

C. Dividends

D. All payments

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Correct Answer: Option B

Explanation:
TCS is collected by seller from buyer on specified goods.

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Question #3

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Under the Indian Financial System, 'Commercial Paper' is issued by:

A. Reserve Bank of India

B. Highly rated corporate borrowers

C. Central Government

D. Commercial Banks only

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Correct Answer: Option B

Explanation:
Commercial Paper is an unsecured short-term debt instrument issued by large corporations with high credit ratings to meet short-term funding needs.

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

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