The concept of 'Management by Exception' is applied in: MCQ with Answer and Explanation
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Question #1
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S1: A Receipt Voucher is prepared for cash receipts. S2: A Payment Voucher is prepared for cash payments. Which statement(s) is/are correct?
Correct Answer: Option A
Explanation:
In the voucher entry system, a Receipt Voucher is used to record all cash and bank receipts. A Payment Voucher is used to record all cash and bank payments. Both statements are correct.
In the voucher entry system, a Receipt Voucher is used to record all cash and bank receipts. A Payment Voucher is used to record all cash and bank payments. Both statements are correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A Bank Reconciliation Statement is prepared by:
Correct Answer: Option D
Explanation:
BRS is prepared by the customer to reconcile differences between his records and bank statement.
BRS is prepared by the customer to reconcile differences between his records and bank statement.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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A 'Drawings' account is a:
Correct Answer: Option B
Explanation:
Drawings account represents the proprietor, hence it is a personal account.
Drawings account represents the proprietor, hence it is a personal account.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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