The 'Bills Payable Book' records: MCQ with Answer and Explanation

Question Report Error

The 'Bills Payable Book' records:

A. Bills drawn on debtors

B. All credit purchases

C. Cash purchases

D. Acceptances given to creditors

Answer: Option D

Solution (By JKExamLibrary)

Bills Payable Book records bills of exchange accepted by the business payable to creditors.

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

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Question #1 Report Error

An auditor's primary responsibility is to:

A. Detect all frauds

B. Prepare financial statements

C. Compute tax liability

D. Express an opinion on the financial statements

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Correct Answer: Option D

Explanation:
Auditor examines the financial statements and provides an opinion whether they give a true and fair view.

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

Question #2 Report Error

Debentures are shown in Balance Sheet under:

A. Current liabilities

B. Reserves and surplus

C. Share capital

D. Long-term borrowings

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Correct Answer: Option D

Explanation:
Debentures are long-term borrowings unless they are due within 12 months, then current liabilities.

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

Question #3 Report Error

The term 'Cloud Accounting' refers to:

A. Using accounting software hosted on remote servers accessed via internet

B. Manual accounting on paper

C. Accounting for cloud computing expenses

D. Accounting for weather-related losses

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Correct Answer: Option A

Explanation:
Cloud accounting uses online software, enabling real-time access and collaboration.

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

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