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

Question

Share Report Error

The term 'Debtors' represent:

A. Amounts owed to the business by customers

B. Bills payable

C. Outstanding expenses

D. Amounts owed by the business

Answer: Option A

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

Share Report

The 'Hedge Accounting' under Ind AS 109:

A. Only for derivatives

B. Aligns accounting with risk management activities, with three types: fair value, cash flow, net investment

C. Only for foreign exchange

D. Is prohibited

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Ind AS 109 provides hedge accounting models.

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

Question #2

Share Report

The 'Budgetary Control' system involves: 1. Establishment of budgets, 2. Continuous comparison of actuals with budgets, 3. Taking corrective action, 4. Performance evaluation. Which of these are essential elements?

A. 2 and 4 only

B. 1, 2, 3 and 4

C. 1 and 2 only

D. 1, 2 and 3 only

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
All four are integral parts of budgetary control.

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

Question #3

Share Report

In the context of taxation, the term 'PAN' stands for:

A. Permanent Account Number

B. Personal Account Number

C. Primary Account Number

D. Public Account Number

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
PAN stands for Permanent Account Number, a unique 10-character alphanumeric identifier issued by the Income Tax Department of India.

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

Explore All Accountancy and Book Keeping MCQs