While preparing a Bank Reconciliation Statement, a cheque deposited but not yet cleared is: MCQ with Answer and Explanation
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Question #1
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In accounting, what does the term 'Vouching' fundamentally imply?
Correct Answer: Option B
Explanation:
Vouching is the process of examining documentary evidence to ascertain the accuracy and authenticity of accounting entries.
Vouching is the process of examining documentary evidence to ascertain the accuracy and authenticity of accounting entries.
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Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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In government accounting under PFMS, what does the SNA model stand for?
Correct Answer: Option A
Explanation:
The Single Nodal Agency (SNA) model ensures states operate a single account for each Centrally Sponsored Scheme to prevent idle float of funds.
The Single Nodal Agency (SNA) model ensures states operate a single account for each Centrally Sponsored Scheme to prevent idle float of funds.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The term 'Net Realizable Value' means:
Correct Answer: Option B
Explanation:
NRV = estimated selling price in ordinary course less estimated costs of completion and estimated costs to make the sale.
NRV = estimated selling price in ordinary course less estimated costs of completion and estimated costs to make the sale.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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