S1: A triple column cash book has a discount column on both sides. S2: Discount allowed is debited and discount received is credited. Which statement(s) is/are correct? MCQ with Answer and Explanation
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Question #1
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The 'Economic Survey' is presented:
Correct Answer: Option C
Explanation:
Economic Survey is tabled typically a day before the Union Budget.
Economic Survey is tabled typically a day before the Union Budget.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under Activity Based Costing (ABC), the number of purchase orders processed is an example of a:
Correct Answer: Option C
Explanation:
A cost driver is the factor that creates or influences a cost. The number of orders 'drives' the purchasing department's costs.
A cost driver is the factor that creates or influences a cost. The number of orders 'drives' the purchasing department's costs.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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In the context of the Cash Book, the term 'C' written against an entry stands for:
Correct Answer: Option C
Explanation:
The letter 'C' in the Ledger Folio column signifies a contra entry, which impacts both cash and bank columns.
The letter 'C' in the Ledger Folio column signifies a contra entry, which impacts both cash and bank columns.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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