In the context of single entry system, 'Net Worth' means: MCQ with Answer and Explanation

Question Report Error
In the context of single entry system, 'Net Worth' means:
A. Total assets
B. Cash in hand
C. Total liabilities
D. Excess of assets over liabilities
Answer: Option D
Solution (By JKExamLibrary)
Net worth = Total assets - Total liabilities, representing owner's equity.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Practice More Accountancy and Book Keeping Questions

Question #1 Report Error
Which of the following statements about a 'Voucher' is incorrect?
A. A voucher is a documentary evidence of a transaction.
B. A debit voucher is prepared for cash payments.
C. A journal voucher is used for recording depreciation.
D. A credit voucher is used for recording non-cash transactions.
Discuss

Correct Answer: Option D

Explanation:
Credit voucher is used for cash receipts, not non-cash transactions. Non-cash are recorded via journal/transfer vouchers.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2 Report Error
In government accounting, 'Consolidated Fund' refers to:
A. Funds of public sector units
B. Public provident fund
C. All revenues and loans raised by government
D. Funds for emergency
Discuss

Correct Answer: Option C

Explanation:
Consolidated Fund of India includes all revenues, loans, and repayments, from which all expenditure is met.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3 Report Error
Input Tax Credit under GST is available only if:
A. The supplier has uploaded the invoice in GSTR-1 and it appears in GSTR-2B
B. Payment is made in cash
C. Goods are purchased from unregistered dealer
D. Goods are exempted
Discuss

Correct Answer: Option A

Explanation:
ITC can be claimed only if the invoice details are reflected in the recipient's GSTR-2B.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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