A 'Voucher' in accounting is: MCQ with Answer and Explanation

A 'Voucher' in accounting is:

A. A document evidencing a transaction

B. A ledger account

C. A journal entry

D. A trial balance

Answer: Option A

A voucher is a written document serving as evidence of a business transaction.

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

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Question #1 Report Error

The balance of 'Petty Cash Book' is:

A. An expense

B. Income

C. An asset

D. A liability

Correct Answer: Option C

Explanation:
Petty cash balance is cash in hand, an asset.

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

Question #2 Report Error

The 'Kaizen Costing' focuses on:

A. Capital budgeting

B. New product design

C. Continuous improvement and cost reduction during the production phase

D. Discontinuing products

Correct Answer: Option C

Explanation:
Kaizen is a Japanese concept of continuous small improvements.

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

Question #3 Report Error

Which of the following is not a part of the Balance Sheet?

A. Current Liabilities

B. Fixed Assets

C. Share Capital

D. Gross Profit

Correct Answer: Option D

Explanation:
Gross profit is shown in Trading/Profit & Loss Account, not in the Balance Sheet.

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