A voucher that supports a transaction is called: MCQ with Answer and Explanation
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Question #1
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In cost accounting, the prime cost is equal to:
Correct Answer: Option B
Explanation:
Prime cost is the aggregate of all direct costs, specifically direct materials, direct labor, and direct expenses.
Prime cost is the aggregate of all direct costs, specifically direct materials, direct labor, and direct expenses.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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GST collected on sales is credited to:
Correct Answer: Option A
Explanation:
GST collected from customers is a liability to government, recorded as Output GST.
GST collected from customers is a liability to government, recorded as Output GST.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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A specific tax levied for a particular purpose on top of the basic tax rate is known as:
Correct Answer: Option C
Explanation:
A cess (e.g., Health and Education Cess) is levied for a specific purpose and the revenue must be utilized for that objective only.
A cess (e.g., Health and Education Cess) is levied for a specific purpose and the revenue must be utilized for that objective only.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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