In a computerized accounting system, a voucher is: MCQ with Answer and Explanation

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In a computerized accounting system, a voucher is:

A. A physical paper document

B. A type of software

C. A printed report

D. A screen to input transaction data

Answer: Option D

Solution (By JKExamLibrary)

In accounting software, voucher refers to the data entry form for recording transactions.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1 Report Error

Assertion (A): Under Ind AS 41, biological assets are measured at fair value less costs to sell. Reason (R): This is because biological transformation makes historical cost accounting less relevant for these assets. Choose the correct option.

A. Both A and R are true and R is the correct explanation of A

B. Both A and R are true but R is NOT the correct explanation of A

C. A is true but R is false

D. A is false but R is true

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Correct Answer: Option A

Explanation:
Ind AS 41 requires biological assets to be measured at fair value less costs to sell. This is because biological growth, degeneration, and production (transformation) make historical cost less meaningful. R correctly explains A.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2 Report Error

Tax evasion is:

A. Illegal non-payment or underpayment of taxes

B. Government policy to waive taxes

C. Legal use of tax laws to reduce liability

D. Postponement of tax payment legally

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Correct Answer: Option A

Explanation:
Tax evasion involves illegal practices like hiding income or inflating expenses to avoid paying true tax liability.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3 Report Error

The 'Reverse Charge Mechanism' (RCM) under GST applies when:

A. Only for imports

B. A registered person buys from another registered person

C. For exports

D. A registered person buys from an unregistered person (for specified goods/services)

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Correct Answer: Option D

Explanation:
RCM is applicable in certain cases including supplies by unregistered persons to registered persons (though now mostly suspended except specific notified items). Also for specified services like legal, goods transport agency, etc.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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