The term 'Cut Motion' in Parliament refers to: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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A complete omission to record a transaction in the journal will cause the Trial Balance to:
Correct Answer: Option C
Explanation:
Since both debit and credit aspects are omitted completely, the Trial Balance equation remains balanced.
Since both debit and credit aspects are omitted completely, the Trial Balance equation remains balanced.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Which of the following statements regarding the Accounting Equation is INCORRECT?
Correct Answer: Option B
Explanation:
The correct accounting equation is Assets = Liabilities + Capital. Therefore, Assets = Capital - Liabilities is mathematically and conceptually incorrect.
The correct accounting equation is Assets = Liabilities + Capital. Therefore, Assets = Capital - Liabilities is mathematically and conceptually incorrect.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The primary purpose of preparing a Bank Reconciliation Statement (BRS) is to:
Correct Answer: Option A
Explanation:
BRS is prepared to reconcile the bank balance as per the cash book with the balance as per the bank statement (pass book).
BRS is prepared to reconcile the bank balance as per the cash book with the balance as per the bank statement (pass book).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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