Which of the following statements about a 'Voucher' is incorrect? MCQ with Answer and Explanation

Question
Which of the following statements about a 'Voucher' is incorrect?
A. A voucher is a documentary evidence of a transaction.
B. A credit voucher is used for recording non-cash transactions.
C. A journal voucher is used for recording depreciation.
D. A debit voucher is prepared for cash payments.
Answer: Option B
Solution (By JKSSB Mock Tests)
Credit voucher is used for cash receipts, not non-cash transactions. Non-cash are recorded via journal/transfer vouchers.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Return of goods by a customer should be debited to:
A. Customer Account
B. Purchase Return Account
C. Sales Return (Return Inwards) Account
D. Sales Account
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Correct Answer: Option C

Explanation:
Goods are coming back (Debit what comes in), representing a reduction in sales revenue, handled via the Sales Return account.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Under the Income Tax Act, if a taxpayer has a business profit of ₹3,00,000 and a brought forward business loss of ₹2,00,000, what is the total income after set-off?
A. ₹3,00,000
B. ₹5,00,000
C. ₹2,00,000
D. ₹1,00,000
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Correct Answer: Option D

Explanation:
Brought forward business loss can be set off against current year business profit. Total income = ₹3,00,000 (Profit) - ₹2,00,000 (B/F Loss) = ₹1,00,000.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'RCM' (Reverse Charge Mechanism) under GST applies to:
A. Only goods
B. All supplies
C. Specified categories of supplies and registered persons
D. Only services
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Correct Answer: Option C

Explanation:
RCM is applicable to notified categories of goods/services and where supplier is unregistered to registered recipient.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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