A cheque of Rs 5,000 was deposited but dishonored. No entry was passed in the Cash Book. To reconcile from a favorable Cash Book balance, you should: MCQ with Answer and Explanation
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Question #1
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In a trial balance, if the total of the debit side is ₹50,000 and the credit side is ₹45,000, the difference is placed in:
Correct Answer: Option A
Explanation:
When the trial balance does not tally, the difference is temporarily placed in a Suspense Account to allow the preparation of financial statements.
When the trial balance does not tally, the difference is temporarily placed in a Suspense Account to allow the preparation of financial statements.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Non-Controlling Interest' (NCI) at acquisition date can be measured at:
Correct Answer: Option D
Explanation:
Ind AS 103 allows a choice.
Ind AS 103 allows a choice.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Discount Column' in the three-column cash book is:
Correct Answer: Option B
Explanation:
Discount columns are not balanced; their totals are posted to discount allowed/received accounts.
Discount columns are not balanced; their totals are posted to discount allowed/received accounts.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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