The closing entry for transferring purchases account is: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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Which document serves as the basis for recording transactions in the books of accounts?
Correct Answer: Option B
Explanation:
Source documents (like invoices, receipts) provide the objective evidence and basic data for preparing accounting vouchers.
Source documents (like invoices, receipts) provide the objective evidence and basic data for preparing accounting vouchers.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Payment of Bonus Act, 1965' is applicable to:
Correct Answer: Option A
Explanation:
The Act applies to employees with wages ≤ ₹21,000 per month (threshold may vary with amendments).
The Act applies to employees with wages ≤ ₹21,000 per month (threshold may vary with amendments).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Converting Single Entry to Double Entry involves preparing a 'Total Creditors Account' to find out:
Correct Answer: Option D
Explanation:
Total Creditors Account reconstructs the relationship with suppliers; the balancing figure usually represents the missing credit purchases.
Total Creditors Account reconstructs the relationship with suppliers; the balancing figure usually represents the missing credit purchases.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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