The 'Voucher' approach in accounting helps to: MCQ with Answer and Explanation

Question
The 'Voucher' approach in accounting helps to:
A. Prepare trial balance
B. Compute tax
C. Simplify journal entries
D. Ensure documentation and authorisation of transactions
Answer: Option D
Solution (By JKSSB Mock Tests)
Voucher system ensures that every transaction is supported by documentary evidence and approval.
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
The process of transferring entries from the Journal to the respective accounts is called:
A. Summarising
B. Balancing
C. Journalising
D. Posting
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Posting is the technical term for transferring debit and credit amounts from the journal to the appropriate ledger accounts.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Consider these journal entries: 1. Drawings A/c Dr., To Purchases A/c 2. Machinery A/c Dr., To Cash A/c 3. Rent A/c Dr., To Outstanding Rent A/c 4. Bank A/c Dr., To Interest Received A/c. Which combination represents a compound journal entry?
A. 2 and 4
B. 2 and 3
C. 1 and 2
D. All are simple entries
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
All given entries involve only two accounts, hence are simple journal entries.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Hedge Accounting' under Ind AS 109:
A. Is prohibited
B. Only for derivatives
C. Only for foreign exchange
D. Aligns accounting with risk management activities, with three types: fair value, cash flow, net investment
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Ind AS 109 provides hedge accounting models.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Explore All Accountancy and Book Keeping MCQs
Today's Top Topics
Accountancy and Book Keeping 1861 Statistics 1318
Explore Subjects
English 15164 Computer 5279 Geography GK 6121 Static General Knowledge 6362 History GK 3374
Practice Mix
A man rows a distance of 16 km downstream in 2 hours and returns upstream in 4 hours. Find the speed of the river current.
The Naga Hills are in:
Sundar walks 4 km towards east. Then he turns right and walks 3 km. Again he turns to the right and continues walking. Which direction is he going now?
At what rate percent compound interest will Rs. 1000 become Rs. 1728 in 3 years?
Carnot efficiency depends on: