The term 'Depletion' is used for: MCQ with Answer and Explanation
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Question #1
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A: The Contingency Fund of India is established to meet unforeseen expenditures. R: The President can make advances from this fund without parliamentary approval. Choose the correct option.
Correct Answer: Option B
Explanation:
The Contingency Fund of India is an imprest held by the President to meet urgent, unforeseen expenditures. The President can authorize advances from it, which are later regularized by Parliament. R correctly explains the mechanism.
The Contingency Fund of India is an imprest held by the President to meet urgent, unforeseen expenditures. The President can authorize advances from it, which are later regularized by Parliament. R correctly explains the mechanism.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A direct collection of a dividend by the bank on behalf of the customer, not recorded in the Cash Book, will require:
Correct Answer: Option B
Explanation:
The collection increases the Pass Book balance. To reach the un-updated Cash Book balance, this amount must be deducted from the Pass Book.
The collection increases the Pass Book balance. To reach the un-updated Cash Book balance, this amount must be deducted from the Pass Book.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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'Creditors' in the balance sheet are shown as:
Correct Answer: Option D
Explanation:
Creditors are amounts payable, hence liabilities.
Creditors are amounts payable, hence liabilities.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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