Sunday, 23 August 2020

Accounting Multiple Choice Questions with answers | Download PDF for MCQs

 MCQs BASED ON " INTRODUCTION TO RECONCILIATION STATEMENT"

A Bank Reconciliation Statement is prepared by

a) Creditors

b) Bank

c) Account holder in bank

d) Debtors


2. A Bank Reconciliation Statement is prepared with the Balance of

a) Passbook

b) Cashbook

c) Both (a) and (b)

d) None of the above


3. Passbook is copy of

a) Customer account

b) Bank column of cash book

c) Cash column of cash book

d) Receipts and payments


4. Bank reconciliation Statement is prepared after adjusting

a) Cash

b) Bank

c) Cashbook

d) Bank overdraft


5. In case when Balance of Cash book is given, first item in Bank reconciliation Statement will be balance as per

a) Cash

b) Bank

c) Bank book

d) Cash book


6. In which approach, balance as per cash book or balance as per passbook is taken as starting item?

a) In case of with adjusting cashbook

b) In case of after adjusting cashbook

c) In case of without adjusting cashbook

d) None of the above


7. A bank reconciliation statement is mainly prepared for

a) Reconcile the cash balance of cash book

b) Reconcile the difference between bank balance shown by cash book and bank pass book

c) Both (a) and (b)

d) None of the above


8. There are various errors committed by the bank, while recording entries. Which of the following is an example of error?

a) Omission of recording transaction

b) Statement printout error

c) Less data error

d) None of the above


9. Cheques deposited by the firm is recorded in the books and bank records when the cheque have been cleared. Which kind of gap is that?

a) Recording of transaction gap

b) Firm and bank gap

c) Timing gap

d) Receipt and payment gap


10. Unfavourable bank balance means

a) credit balance in passbook

b) credit balance in cash book

c) debit balance in cash book

d) None of the above


11. Favourable bank balance means

a) credit balance in cash book

b) credit balance in passbook

c) debit balance in cash book

d) Both (b) and (c)


12. A cheque is deposited by a firm but cheque got dishonoured due to insufficient balance in firm's account. What will be the reason for variance between firm and bank?

a) Cheque entry in bank but not in firm

b) Cheque entry in firm but not in bank

c) Cheque entry in firm and bank

d) No variance will be there


13. An auto debit transaction is made by bank for which firm has given approval in advance. It is causing a variance between cash book and bank book. What should be the reason for the variance?

a) transaction in bank but not in firm

b) transaction in firm but not in bank

c) transaction in bank and in firm

d) transaction not in bank and not in firm


14. M/s Suresh & Sons is preparing bank reconciliation statement. Debit balance as per cash book was ₹3,72,000. One cheque deposited inbank but not collected by bank for ₹15,400. ₹5,000 received as dividend( no entry in cash book). What will be the balance as per pass book?

a) ₹3,72,000

b) ₹3,77,000

c) ₹3,92,400

d) ₹3,61,600


15. Kumar finds that the bank balance by his cash book on 31st December, 2017 is ₹90,600 (credit) but the passbook shows difference due to the following reason

A cheque (post-dated) for ₹1,000 has been debited in bank column of cashbook but not presented for payment. Cheque totaling ₹1,500 deposited in bank but not collected. What will be the balance as per passbook?

a) ₹93,580

b) ₹93,100

c) ₹88,100

d) ₹90,100


Answers to BRS:

1. (c)

2. (c)

3. (a)

4. (c)

5. (d)

6. (c)

7. (b)

8. (a)

9. (c)

10. (b)

11. (d)

12. (b)

13. (a)

14. (d)

15. (b)

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