The 'Suspense Account' is opened when: MCQ with Answer and Explanation
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Question #1
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The 'Petty Cash Book' is maintained on the imprest system. If the imprest amount is ₹2,000 and petty expenses are ₹1,400, the reimbursement required is:
Correct Answer: Option C
Explanation:
Reimbursement should equal the amount spent, i.e., ₹1,400, to restore the imprest amount.
Reimbursement should equal the amount spent, i.e., ₹1,400, to restore the imprest amount.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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An unregistered partnership firm cannot sue third parties, but:
Correct Answer: Option A
Explanation:
An unregistered firm cannot sue, but third parties can sue the firm.
An unregistered firm cannot sue, but third parties can sue the firm.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Bank charges debited by the bank will be ________ when starting with an overdraft balance as per Pass Book.
Correct Answer: Option C
Explanation:
Bank charges increase the overdraft in the pass book. To arrive at the cash book overdraft (which is lower since it missed the charge), it must be deducted.
Bank charges increase the overdraft in the pass book. To arrive at the cash book overdraft (which is lower since it missed the charge), it must be deducted.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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