The 'Journal Proper' is used to record: MCQ with Answer and Explanation
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Question #1
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The system of accounting where revenue is recognized only when cash is received is:
Correct Answer: Option A
Explanation:
Under the cash basis of accounting, transactions are recorded strictly upon the actual receipt or payment of cash.
Under the cash basis of accounting, transactions are recorded strictly upon the actual receipt or payment of cash.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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In the Indian Financial Management System, the Consolidated Fund of India is operated by:
Correct Answer: Option C
Explanation:
All revenues received by the Government of India and all loans raised are credited to the Consolidated Fund, which is operated by the President.
All revenues received by the Government of India and all loans raised are credited to the Consolidated Fund, which is operated by the President.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Payment of a liability out of cash will result in:
Correct Answer: Option A
Explanation:
Cash (Asset) decreases and the corresponding Liability also decreases, keeping the accounting equation balanced.
Cash (Asset) decreases and the corresponding Liability also decreases, keeping the accounting equation balanced.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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