Tag: origin of transactions - source documents and preparation of vouchers

Questions Related to origin of transactions - source documents and preparation of vouchers

New issue market is an integral part of the _________.

elements of accounts origin of transactions - source documents and preparation of vouchers business transactions and source document source documents voucher and transactions

  1. stock exchange

  2. capital market

  3. stock exchange and capital market

  4. discount houses

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Correct Option: B

Which of the following is NOT a characteristic of perfect competition?

elements of accounts origin of transactions - source documents and preparation of vouchers business transactions and source document source documents voucher and transactions

  1. Free entry and exit of the firms

  2. The demand curve of firm is horizontal

  3. The marginal revenue curve is horizontal

  4. An individual firm can influence the price

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Correct Option: D

What is time of supply of goods liable to tax under reverse charge mechanism?

elements of accounts origin of transactions - source documents and preparation of vouchers business transactions and source document source documents voucher and transactions

  1. Date of receipt of goods

  2. Date on which the payment is made

  3. Date immediately following 30 days from the date of issue of invoice by the supplier

  4. Earlier of a/b/c

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Correct Option: D

Financial security issued by banks operating outside U.S is classified as ______________.

elements of accounts origin of transactions - source documents and preparation of vouchers business transactions and source document source documents voucher and transactions

  1. dollar bonds

  2. euro deposits

  3. Eurodollar market deposits

  4. euro bonds

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Correct Option: C

_________ is the arrangement of furniture and equipment with the available floor space.

elements of accounts origin of transactions - source documents and preparation of vouchers business transactions and source document source documents voucher and transactions

  1. Office accommodation

  2. Office location

  3. Office layout

  4. Open office

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Correct Option: C

Goodwill, Copyright and Trademarks should be classified as ___________.

elements of accounts origin of transactions - source documents and preparation of vouchers business transactions and source document source documents voucher and transactions

  1. Tangible assets

  2. Intangible assets

  3. Current assets

  4. Fictitious assets

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Correct Option: B

When marginal is negative, it must be true that _______________.

elements of accounts origin of transactions - source documents and preparation of vouchers business transactions and source document source documents voucher and transactions

  1. The average is negative

  2. The average is decreasing

  3. The total is negative

  4. The total is decreasing

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Correct Option: D

An increase in marginal cost of capital and capital rationing are two arising complications of _____________.

elements of accounts origin of transactions - source documents and preparation of vouchers business transactions and source document source documents voucher and transactions

  1. maximum capital budget

  2. greater capital budget

  3. optimal capital budget

  4. minimum capital budget

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Correct Option: C

Under sales on return or approval basis (when transactions are few), the seller sends goods by treating these as ________________.

elements of accounts origin of transactions - source documents and preparation of vouchers business transactions and source document source documents voucher and transactions

  1. An ordinary sale and no entry is passed in the books

  2. An ordinary sale and entry for normal sale is passed in the books

  3. Sale on approval and no entry is passed

  4. Any one of the above

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Correct Option: B

How is the date of receipt of consideration by the supplier determined?

elements of accounts origin of transactions - source documents and preparation of vouchers business transactions and source document source documents voucher and transactions

  1. Date on which the receipt of payment is entered in the books of account

  2. Date on which the receipt of payment is credited in the bank account

  3. Earlier of (a) & (b)

  4. (a) & (b) whichever is later

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Correct Option: C