'AS 9' pertains to: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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S1: A debit voucher is prepared for cash payments. S2: A journal voucher is prepared for non-cash transactions. Which statement(s) is/are correct?
Correct Answer: Option C
Explanation:
A payment voucher (not debit voucher) is prepared for cash payments. A journal voucher is indeed used for non-cash transactions like depreciation or rectification of errors. S1 is incorrect, S2 is correct.
A payment voucher (not debit voucher) is prepared for cash payments. A journal voucher is indeed used for non-cash transactions like depreciation or rectification of errors. S1 is incorrect, S2 is correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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On dissolution of a firm, the balance in the partners' capital accounts after all adjustments is transferred to:
Correct Answer: Option D
Explanation:
Finally, the capital account balances are paid off in cash or bank, and accounts are closed.
Finally, the capital account balances are paid off in cash or bank, and accounts are closed.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Goods withdrawn by the owner for personal use should be credited to:
Correct Answer: Option B
Explanation:
When goods are withdrawn for personal use, the Purchases Account is credited to reduce the cost of goods available for sale, and Drawings is debited.
When goods are withdrawn for personal use, the Purchases Account is credited to reduce the cost of goods available for sale, and Drawings is debited.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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