Who is considered the father of the Double Entry System? MCQ with Answer and Explanation

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Who is considered the father of the Double Entry System?

A. Luca Pacioli

B. Adam Smith

C. Henry Fayol

D. F.W. Taylor

Answer: Option A

Solution (By JKSSB Mock Tests)

Luca Pacioli, an Italian mathematician, first documented the principles of the double-entry bookkeeping system in 1494.

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

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Question #1

Under the 'Public Financial Management System' (PFMS), the 'Just-in-Time' fund release mechanism ensures:

A. Advance payment to all

B. Delayed payments

C. Release of funds only when needed, reducing idle funds

D. Manual processing

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Correct Answer: Option C

Explanation:
Just-in-Time in PFMS releases funds just in time for expenditure, avoiding float and idle balances.

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

Question #2

Wages paid for the erection of a new boiler should be debited to:

A. Trading Account

B. Wages Account

C. Boiler (Machinery) Account

D. Repairs Account

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Correct Answer: Option C

Explanation:
Capitalizing erection costs is required under standard accounting principles, so it is debited to the specific asset account.

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

Question #3

The term 'Depletion' is used for:

A. Tangible fixed assets

B. Intangible assets

C. Wasting assets like mines

D. Current assets

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Correct Answer: Option C

Explanation:
Depletion refers to the exhaustion of natural resources like oil, minerals, timber.

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

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