Social accounting is mandatory for: MCQ with Answer and Explanation
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Question #1
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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?
Correct Answer: Option D
Explanation:
A triple column cash book has cash, bank, and discount columns on both debit and credit sides. Discount allowed (an expense) is recorded on the debit side, and discount received (an income) is recorded on the credit side. Both are correct.
A triple column cash book has cash, bank, and discount columns on both debit and credit sides. Discount allowed (an expense) is recorded on the debit side, and discount received (an income) is recorded on the credit side. Both are correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Purchase Returns Book' records:
Correct Answer: Option B
Explanation:
Purchase returns (returns outward) are recorded in this subsidiary book.
Purchase returns (returns outward) are recorded in this subsidiary book.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Customs Bonded Warehouse' allows:
Correct Answer: Option B
Explanation:
Bonded warehouses store imported goods under customs supervision; duty is deferred.
Bonded warehouses store imported goods under customs supervision; duty is deferred.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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