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Practice More Accountancy and Book Keeping Questions
Question #1
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In a BRS, bank charges recorded twice in the Cash Book will result in:
Correct Answer: Option A
Explanation:
Recording an expense twice in the Cash Book excessively reduces its balance, making it lower than the actual Pass Book balance.
Recording an expense twice in the Cash Book excessively reduces its balance, making it lower than the actual Pass Book balance.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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S1: Audit is an independent examination of financial statements. S2: Audit is conducted to detect all frauds and errors. Which statement(s) is/are correct?
Correct Answer: Option C
Explanation:
Audit is an independent examination to express an opinion on the financial statements. While it aims to detect material misstatements, it cannot guarantee the detection of *all* frauds and errors due to inherent limitations like sampling and collusion. S1 is correct, S2 is incorrect.
Audit is an independent examination to express an opinion on the financial statements. While it aims to detect material misstatements, it cannot guarantee the detection of *all* frauds and errors due to inherent limitations like sampling and collusion. S1 is correct, S2 is incorrect.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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A higher dividend payout ratio indicates that a firm:
Correct Answer: Option B
Explanation:
The dividend payout ratio measures the percentage of net income distributed as dividends; a higher ratio means more cash returned to shareholders.
The dividend payout ratio measures the percentage of net income distributed as dividends; a higher ratio means more cash returned to shareholders.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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