'Bills Payable' is shown under: MCQ with Answer and Explanation
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Question #1
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What is an 'amended cash book' in the context of BRS?
Correct Answer: Option C
Explanation:
An amended cash book adjusts for items like direct deposits, bank charges, and clerical errors in the cash book before reconciling timing differences.
An amended cash book adjusts for items like direct deposits, bank charges, and clerical errors in the cash book before reconciling timing differences.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The term 'Revaluation Account' is prepared during:
Correct Answer: Option C
Explanation:
A Revaluation Account is prepared to record the changes in the values of assets and liabilities at the time of admission, retirement, or death of a partner.
A Revaluation Account is prepared to record the changes in the values of assets and liabilities at the time of admission, retirement, or death of a partner.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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In the context of the Indian Financial System, the 'Deposit Insurance and Credit Guarantee Corporation' (DICGC) is a wholly owned subsidiary of:
Correct Answer: Option B
Explanation:
The DICGC was established as a wholly owned subsidiary of the Reserve Bank of India (RBI) to provide deposit insurance and guarantee credit facilities.
The DICGC was established as a wholly owned subsidiary of the Reserve Bank of India (RBI) to provide deposit insurance and guarantee credit facilities.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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