Tag: business organisation

Questions Related to business organisation

These are demanded when buyer return goods already paid for on grounds of , say, unacceptable quality _____________.

business organisation mercantile agents and account sales course of business transaction in home trade documents and procedure used in home trade home trade: agents and procedures

  1. Debit Notes

  2. Credit Notes

  3. Sales Letters

  4. Statement of Accounts

Show answer
Correct Option: B
Explanation:

A credit note is a letter sent by the supplier to the customer notifying the customer that he or she has been credited a certain amount due to an error in the original invoice or other reasons. A credit note is also known as a credit memo, which is short for credit memorandum.

A document for disbursement or payment of small amount from petty cash fund is known as ___________.

business organisation origin of transactions - source documents and preparation of vouchers meaning, importance and components of voucher bank book and petty cash book source documents petty cash book

  1. Payment voucher

  2. Petty receipt

  3. Petty cash voucher

  4. None of these

Show answer
Correct Option: C
Explanation:

A petty cash voucher is a document that is issued when a payment is made from a petty cash fund. A petty cash fund is created to disburse small amount of expenses that take place on a daily basis.

Petty cash vouchers should be _____________ numbered.

business organisation origin of transactions - source documents and preparation of vouchers meaning, importance and components of voucher bank book and petty cash book source documents petty cash book

  1. Randomly

  2. Serially

  3. Chronologically

  4. None of these

Show answer
Correct Option: B
Explanation:

A petty cash voucher is a document that is issued when a payment is made from a petty cash fund. A petty cash fund is created to disburse small amount of expenses that take place on a daily basis. Petty cash vouchers should be serially numbered for the convenience of auditing and to help in having a easy check on the transactions. 

A document with the help of which a particular amount is withdrawn from the petty cash fund is known as ___________ voucher.

business organisation origin of transactions - source documents and preparation of vouchers meaning, importance and components of voucher bank book and petty cash book source documents petty cash book

  1. Journal

  2. Cash

  3. Memo

  4. Receipt

Show answer
Correct Option: B
Explanation:

A petty cash voucher/cash voucher is a document that is issued when a payment is made from a petty cash fund. A petty cash fund is created to disburse small amount of expenses that take place on a daily basis.

A cashier shall make use of ___________ vouchers to reconcile the balances of the petty cash funds.

business organisation origin of transactions - source documents and preparation of vouchers meaning, importance and components of voucher bank book and petty cash book source documents petty cash book

  1. Journal

  2. Memo

  3. Receipt

  4. Cash

Show answer
Correct Option: D
Explanation:

A cash memo/ petty cash memo is a document that is used when money is being withdrawn from the petty cash fund. A petty cash fund is created to meet all the petty/small transactions that take place in the organisation on daily basis. A cashier can check the cash memo to reconcile all the transactions as they are the record to all the transactions of petty cash fund. 

State whether true or false:
There is no set format of an accounting voucher.

business organisation origin of transactions - source documents and preparation of vouchers meaning, importance and components of voucher bank book and petty cash book source documents petty cash book

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

True. Accounting voucher is a document that acts as a proof of a transaction. There is no set format of accounting voucher. There are different types of voucher internal or external, cash voucher, petty cash voucher, etc. 

For auditing the business transactions, __________ voucher is the document which gives proper information to the auditor of every accounting transaction.

business organisation origin of transactions - source documents and preparation of vouchers meaning, importance and components of voucher bank book and petty cash book source documents petty cash book

  1. Cash

  2. Memo

  3. Receipt

  4. Journal

Show answer
Correct Option: D
Explanation:

A journal voucher is a very helpful document in auditing as it is a voucher that consists of all the details of transactions like the date of transactions, amount, etc. A journal voucher is prepared for every transaction. They are serially numbered for convenience purpose so that journal can be prepared.  

State whether true or false:
Accounting vouchers are those which comprise unreliable and limited information.

business organisation origin of transactions - source documents and preparation of vouchers meaning, importance and components of voucher bank book and petty cash book source documents petty cash book

  1. True

  2. False

Show answer
Correct Option: B
Explanation:

False. Voucher is a document that acts as an evidence that the payment is made or that a particular transaction has occurred. Vouchers are made for every transactions, they are serially numbered and help to check the authenticity of a particular transaction.

It is not possible to make a journal entry without a proper ___________ voucher which gives all details of an accounting transaction.

business organisation origin of transactions - source documents and preparation of vouchers meaning, importance and components of voucher bank book and petty cash book source documents petty cash book

  1. Cash

  2. Debit

  3. Credit

  4. Journal

Show answer
Correct Option: D
Explanation:

A Journal voucher is a voucher that consists of all the details of transactions like the date of transactions, amount, etc. A journal voucher is prepared for every transaction. It is the basis for making a journal. They are serially numbered for convenience purpose so that journal can be prepared.  A journal voucher keeps a record of all the transactions hence helps in the recording or transactions and making of journal.

Cash vouchers are of ______________ types.

business organisation origin of transactions - source documents and preparation of vouchers meaning, importance and components of voucher bank book and petty cash book source documents petty cash book

  1. One

  2. Two

  3. Three

  4. Four

Show answer
Correct Option: B
Explanation:

Cash vouchers are of two types viz. debit voucher and credit voucher. A debit voucher is prepared when cash payments are received whereas a credit voucher is prepared when cash payments are made. They are the documentary evidence for payment of cash or for receiving cash.