Budgetary control system involves: MCQ with Answer and Explanation
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Question #1
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The process of transferring entries from the Journal to the respective accounts is called:
Correct Answer: Option D
Explanation:
Posting is the technical term for transferring debit and credit amounts from the journal to the appropriate ledger accounts.
Posting is the technical term for transferring debit and credit amounts from the journal to the appropriate ledger accounts.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A: Vouching is the backbone of auditing. R: Vouching verifies the authenticity and accuracy of transactions. Choose the correct option.
Correct Answer: Option A
Explanation:
Vouching is considered the backbone of auditing because it provides the primary evidence for the transactions recorded. It verifies authenticity by checking supporting documents. R correctly explains why it is the backbone.
Vouching is considered the backbone of auditing because it provides the primary evidence for the transactions recorded. It verifies authenticity by checking supporting documents. R correctly explains why it is the backbone.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'GST on Virtual Digital Assets' is:
Correct Answer: Option D
Explanation:
GST on services related to VDA is generally 18%.
GST on services related to VDA is generally 18%.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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