The 'Voucher Number' should be: MCQ with Answer and Explanation

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The 'Voucher Number' should be:

A. Date-based

B. Same for all

C. Sequential and unique

D. Random

Answer: Option C

Solution (By JKSSB Mock Tests)

Vouchers should be numbered serially for control and easy reference.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

Under-casting of a Sales book by Rs 1,000 will result in:

A. Credit column of Trial Balance being short by Rs 1,000

B. No effect on the Trial Balance totals

C. Debit column of Trial Balance being short by Rs 1,000

D. Suspense account with a debit balance

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Correct Answer: Option A

Explanation:
Sales have a credit balance. If it's under-casted, the total credit postings will be Rs 1,000 less, making the credit column short.

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

Question #2

Carriage inwards is shown on the:

A. Debit side of P&L Account

B. Asset side of Balance Sheet

C. Debit side of Trading Account

D. Credit side of P&L Account

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Correct Answer: Option C

Explanation:
Carriage inwards is the transportation cost of bringing raw materials/purchases to the factory, hence it's a direct expense charged to the Trading Account.

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

Question #3

In the Trading Account, 'Consumable Stores' used in production are:

A. Ignored

B. Debited to Trading Account

C. Debited to P&L Account

D. Shown as asset

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Correct Answer: Option B

Explanation:
Consumable stores are direct materials, so they are debited to Trading Account.

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

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