Dear aspirants, practice these Important MCQs on Vouchers in Accountancy for FAA 2026, specially prepared by Exam Waves. These questions cover key voucher concepts and will help you test your knowledge, improve accuracy, and strengthen your Accountancy preparation.
Q1. Which of the following statements correctly describe a Voucher and its broad classification?
- A voucher is a document that supports a payment made by a business.
- Supporting Vouchers may be classified as Internal and External.
- Accounting Vouchers include Cash Voucher and Debit Voucher for cash payment.
- Credit Voucher is classified as a non-cash voucher.
A) 1 and 2 only
B) 1, 2 and 3 only
C) 2, 3 and 4 only
D) 1, 2, 3 and 4
Answer: B
Q2. Consider the following statements regarding Internal Supporting Vouchers:
- They are prepared by internal staff.
- Debit Note Issued is included among them.
- Cash Memo received from the seller is included among them.
- Pay-in Slip used when money is deposited in a bank is included among them.
Which of the statements given above are correct?
A) 1, 2 and 4 only
B) 1, 2 and 3 only
C) 2, 3 and 4 only
D) 1, 2, 3 and 4
Answer: D
Q3. Match List I with List II and select the correct answer:
| List I | List II |
|---|---|
| A. Debit Voucher | 1. Records cash coming in hand |
| B. Credit Voucher | 2. Used to record cash or bank receipt |
| C. Cash Receipt Voucher | 3. Prepared when cheque or cash is deposited in bank |
| D. Pay-in Slip | 4. Records payment by cash or cheque |
A) A-4, B-2, C-1, D-3
B) A-2, B-4, C-3, D-1
C) A-4, B-1, C-2, D-3
D) A-3, B-2, C-1, D-4
Answer: A
Q4. Which of the following statements correctly distinguish Internal Supporting Vouchers from External Supporting Vouchers?
- Internal Supporting Vouchers are prepared by internal staff.
- External Supporting Vouchers are prepared by a third party who is from outside.
- Debit Note Issued can appear under both Internal and External Supporting Vouchers.
- Purchase Invoice received from the supplier of goods is listed under both Internal and External Supporting Vouchers.
A) 1 and 2 only
B) 1, 2 and 3 only
C) 1, 2 and 4 only
D) 1, 2, 3 and 4
Answer: D
Q5. Consider the following pairs:
- Debit Voucher — Payment by cash or cheque
- Credit Voucher — Cash or bank receipt
- Transfer Voucher — Transaction not involving cash payment or cash receipt
- Bank Receipt Voucher — Receipt of cheque or DD
- Cash Receipt Voucher — Records cash coming in hand
How many of the above pairs are correctly matched?
A) Only two
B) Only three
C) Only four
D) All five
Answer: D
Q6. Assertion (A): A Debit Voucher is also known as a Payment Voucher.
Reason (R): A Debit Voucher is prepared to record payment made by cash or cheque for an expense.
Choose the correct answer:
A) Both A and R are true, and R is the correct explanation of A
B) Both A and R are true, but R is not the correct explanation of A
C) A is true, but R is false
D) A is false, but R is true
Answer: A
Q7. Asif examines four transactions of a business. Which of the following would be appropriately associated with a Transfer Voucher/Non-cash Voucher?
- Goods purchased on credit
- Outstanding expenses
- Cash coming into the hands of the business
- Receipt of a cheque or DD
A) 1 only
B) 1 and 2 only
C) 2, 3 and 4 only
D) 1, 2, 3 and 4
Answer: B
Q8. Match the documents in List I with their corresponding descriptions in List II:
| List I | List II |
|---|---|
| A. Credit Note | 1. Prepared when goods are returned by the business |
| B. Debit Note | 2. Evidence for purchaser when seller sells goods against cash |
| C. Cash Memo | 3. Used for credit purchase or credit sale |
| D. Invoice | 4. Prepared when seller receives goods back from customer |
A) A-4, B-1, C-2, D-3
B) A-1, B-4, C-3, D-2
C) A-4, B-2, C-1, D-3
D) A-3, B-1, C-2, D-4
Answer: A
Q9. Which of the following statements correctly describe Accounting Vouchers?
- They are prepared on the basis of supporting vouchers.
- They are prepared by a clerk or accountant of the firm.
- They are counter-signed by an authorised signatory.
- They are recorded in the books of accounts.
- They are meant for both cash and non-cash transactions.
A) 1, 2 and 3 only
B) 1, 2, 3 and 4 only
C) 2, 3, 4 and 5 only
D) 1, 2, 3, 4 and 5
Answer: D
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Q10. Mushtaq is examining receipts of a business. Which of the following classifications correctly distinguishes a Cash Receipt Voucher from a Bank Receipt Voucher?
A) Cash Receipt Voucher records cash coming in hand, while Bank Receipt Voucher indicates receipt of cheque or DD.
B) Cash Receipt Voucher records cheque or DD, while Bank Receipt Voucher records only cash coming in hand.
C) Both vouchers are prepared only for non-cash transactions.
D) Cash Receipt Voucher records expenses, while Bank Receipt Voucher records credit purchases.
Answer: A
Q11. Assertion (A): A Credit Note is connected with Sales Return.
Reason (R): A Credit Note is prepared to record the situation when a seller receives goods back from a customer after the goods have been sold.
Choose the correct answer:
A) Both A and R are true, and R is the correct explanation of A
B) Both A and R are true, but R is not the correct explanation of A
C) A is true, but R is false
D) A is false, but R is true
Answer: A
Q12. Seraj is studying Debit Notes and Credit Notes. Consider the following statements:
- A Credit Note means Sales Return.
- A Debit Note means Purchase Return.
- A Credit Note is prepared by the seller when goods are received back from a customer after sale.
- A Debit Note is prepared when goods are returned by the buyer.
- Two copies of a Debit Note are prepared.
Which of the statements given above are correct?
A) 1, 2 and 3 only
B) 1, 2, 3 and 4 only
C) 2, 3, 4 and 5 only
D) 1, 2, 3, 4 and 5
Answer: D
Q13. Which of the following groups contains only the External Supporting Vouchers listed for a business?
A) Debit Note Issued, Credit Note Issued, Cash Memo Received and Purchase Invoice Received from Supplier
B) Debit Note Issued, Pay-in Slip, Cash Receipt Voucher and Bank Receipt Voucher
C) Credit Note Issued, Transfer Voucher, Cash Memo and Pay-in Slip
D) Purchase Invoice Received, Debit Voucher, Credit Voucher and Bank Receipt Voucher
Answer: A
Q14. Consider the following statements regarding Cash Memo, Pay-in Slip and Invoice:
- A Cash Memo acts as evidence for the purchaser.
- A Cash Memo is prepared by the seller when goods are sold against cash.
- A Pay-in Slip is prepared when cheque or cash is deposited in the bank.
- An Invoice is used for credit purchase or credit sale.
- An Invoice is prepared by the seller and issued in three copies.
Which of the statements given above are correct?
A) 1, 2 and 3 only
B) 1, 2, 3 and 4 only
C) 2, 3, 4 and 5 only
D) 1, 2, 3, 4 and 5
Answer: D
Q15. Match List I with List II and identify the correct combination:
| List I | List II |
|---|---|
| A. Supporting Voucher | 1. Prepared on the basis of supporting documents and recorded in books |
| B. Accounting Voucher | 2. Includes transactions not involving cash payment or cash receipt |
| C. Transfer Voucher | 3. May be Internal or External |
| D. Debit Voucher | 4. Used for recording payment by cash or cheque |
| E. Credit Voucher | 5. Used for recording cash or bank receipt |
A) A-3, B-1, C-2, D-4, E-5
B) A-1, B-3, C-5, D-2, E-4
C) A-3, B-2, C-1, D-5, E-4
D) A-2, B-1, C-3, D-4, E-5
Answer: A
