A Bank Reconciliation Statement is prepared by: MCQ with Answer and Explanation
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Question #1
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In government accounting, the 'Appropriation Audit' is conducted by:
Correct Answer: Option A
Explanation:
CAG audits appropriation accounts to ensure expenditure is within the grants authorized by Parliament.
CAG audits appropriation accounts to ensure expenditure is within the grants authorized by Parliament.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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After reissue of forfeited shares, the balance in 'Shares Forfeited Account' is transferred to:
Correct Answer: Option D
Explanation:
Any profit on reissue (excess of forfeited amount over reissue loss) is transferred to Capital Reserve.
Any profit on reissue (excess of forfeited amount over reissue loss) is transferred to Capital Reserve.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Liberalised Remittance Scheme' (LRS) allows a resident individual to remit up to:
Correct Answer: Option A
Explanation:
Under LRS, resident individuals can remit up to USD 2,50,000 per financial year for permissible transactions.
Under LRS, resident individuals can remit up to USD 2,50,000 per financial year for permissible transactions.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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