Which type of voucher is used to record a transaction that does not involve cash or bank at all? MCQ with Answer and Explanation

Question
Which type of voucher is used to record a transaction that does not involve cash or bank at all?
A. Payment Voucher
B. Journal Voucher
C. Credit Voucher
D. Debit Voucher
Answer: Option B
Solution (By JKSSB Mock Tests)
A Journal Voucher (or Non-Cash/Transfer Voucher) is used for credit purchases, credit sales, depreciation, and adjusting entries.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
A: Vouching is the backbone of auditing. R: Vouching verifies the authenticity and accuracy of transactions. Choose the correct option.
A. A is false but R is true
B. Both A and R are true but R is NOT the correct explanation of A
C. Both A and R are true and R is the correct explanation of A
D. A is true but R is false
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Correct Answer: Option C

Explanation:
Vouching is considered the backbone of auditing because it provides the primary evidence for the transactions recorded. It verifies authenticity by checking supporting documents. R correctly explains why it is the backbone.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Cost Records' under Companies Act 2013 are required to be maintained by:
A. Companies engaged in specified sectors as per MCA rules
B. Only service companies
C. Only manufacturing companies
D. All companies
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Correct Answer: Option A

Explanation:
The central government specifies class of companies required to maintain cost records.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'True and Fair View' is an overriding requirement of:
A. Management accounts
B. GST returns
C. Financial statements
D. Tax returns
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Correct Answer: Option C

Explanation:
Financial statements must present a true and fair view of the entity's financial position and performance.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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