In a computerised accounting system, the 'Voucher Type' defines: MCQ with Answer and Explanation
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Question #1
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Which of the following is/are correct regarding the accounting equation? 1. The equation always holds true under the double entry system. 2. Purchase of goods on credit increases assets and liabilities. 3. Payment to creditors decreases assets and increases liabilities. 4. Introduction of capital by the proprietor increases both assets and capital.
Correct Answer: Option C
Explanation:
Statement 3 is incorrect because payment to creditors decreases both assets (cash/bank) and liabilities (creditors). 1, 2, and 4 are correct.
Statement 3 is incorrect because payment to creditors decreases both assets (cash/bank) and liabilities (creditors). 1, 2, and 4 are correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Anti-Profiteering Authority' under GST ensures:
Correct Answer: Option B
Explanation:
It ensures that reduction in tax rates or benefit of ITC is passed on as commensurate price reduction.
It ensures that reduction in tax rates or benefit of ITC is passed on as commensurate price reduction.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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In a bank reconciliation statement, an overdraft as per the cash book will be increased by:
Correct Answer: Option A
Explanation:
Cheques issued but not presented reduce the bank balance, so they are added to the overdraft balance as per the cash book to reconcile with the pass book.
Cheques issued but not presented reduce the bank balance, so they are added to the overdraft balance as per the cash book to reconcile with the pass book.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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