Blockchain technology in accounting is primarily used for: MCQ with Answer and Explanation
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Question #1
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If a business purchases goods worth ₹60,000 paying ₹20,000 cash and the balance on credit, the accounting equation will show:
Correct Answer: Option C
Explanation:
Assets increase by ₹60,000 (stock), cash decreases by ₹20,000, net assets increase ₹40,000; liabilities increase by ₹40,000 (creditors). Capital is unchanged. Equation: Assets = Liabilities + Capital, here +40,000 = +40,000 + 0.
Assets increase by ₹60,000 (stock), cash decreases by ₹20,000, net assets increase ₹40,000; liabilities increase by ₹40,000 (creditors). Capital is unchanged. Equation: Assets = Liabilities + Capital, here +40,000 = +40,000 + 0.
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Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A petty cash voucher is authorized by:
Correct Answer: Option D
Explanation:
For internal control, petty cash vouchers must be authorized by a responsible official before disbursement is made.
For internal control, petty cash vouchers must be authorized by a responsible official before disbursement is made.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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In cost accounting, 'Idle Time' means:
Correct Answer: Option B
Explanation:
Idle time is unproductive time for which wages are paid.
Idle time is unproductive time for which wages are paid.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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