Converting Single Entry to Double Entry involves preparing a 'Total Creditors Account' to find out: MCQ with Answer and Explanation
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Question #1
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A Realisation Account is opened at the time of:
Correct Answer: Option C
Explanation:
Realisation Account is prepared to close books on dissolution of the firm, not just reconstitution.
Realisation Account is prepared to close books on dissolution of the firm, not just reconstitution.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A trial balance shows equal totals but still contains an error of ₹2,000 where purchase of stationery was debited to furniture account. This is:
Correct Answer: Option C
Explanation:
Stationery is revenue expenditure, furniture is asset. Treating revenue as capital is error of principle.
Stationery is revenue expenditure, furniture is asset. Treating revenue as capital is error of principle.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'GST Compensation Cess' is levied to compensate states for:
Correct Answer: Option B
Explanation:
Compensation cess compensates states for revenue shortfall during the transition period.
Compensation cess compensates states for revenue shortfall during the transition period.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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