Which of the following is an example of an internal source document? MCQ with Answer and Explanation

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Which of the following is an example of an internal source document?

A. Purchase Invoice from supplier

B. Bank Statement

C. Material Requisition Slip

D. Electricity Bill

Answer: Option C

Solution (By JKSSB Mock Tests)

A material requisition slip is generated internally within the organization to authorize the transfer of materials.

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

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Question #1

The 'Expected Credit Loss' model is used in:

A. AS 2

B. AS 10

C. AS 9

D. Ind AS 109

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Correct Answer: Option D

Explanation:
Ind AS 109 introduces expected credit loss for impairment of financial assets.

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

Question #2

If a manufacturing company adopts JIT (Just-in-Time) inventory, its main goal is to:

A. Eliminate inventory carrying costs by receiving goods only as needed

B. Maximize raw material stock

C. Increase production cycle time

D. Buy in bulk to get trade discounts

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Correct Answer: Option A

Explanation:
JIT aligns raw-material orders directly with production schedules to reduce waste and eliminate warehouse holding costs.

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

Question #3

Which of the following is an example of an 'Error of Commission'?

A. Two errors cancelling each other out

B. Failing to record a transaction entirely

C. Entering Rs 4,500 instead of Rs 5,400 in an account

D. Recording a machinery purchase in the Purchases Account

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Correct Answer: Option C

Explanation:
An error of commission involves incorrect casting, posting, or carry-forward, such as writing the wrong numerical amount.

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

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