The 'Audit Trail' in accounting software refers to: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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Statement of Affairs resembles a:
Correct Answer: Option B
Explanation:
A Statement of Affairs is a list of assets and liabilities, structured exactly like a Balance Sheet, used to estimate capital.
A Statement of Affairs is a list of assets and liabilities, structured exactly like a Balance Sheet, used to estimate capital.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Which of the following is not a type of voucher?
Correct Answer: Option A
Explanation:
Vouchers are classified as source vouchers (e.g., invoices) and accounting vouchers (e.g., cash, debit, credit, journal). Audit voucher is not a standard type.
Vouchers are classified as source vouchers (e.g., invoices) and accounting vouchers (e.g., cash, debit, credit, journal). Audit voucher is not a standard type.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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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 A
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
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