📒Accounting MCQs
Accounting MCQs
397 MCQs221
Debit balance as per bank pass book mean_____________?
ASurplus cash
BBank Overdraft
CTerms deposits with bank
DNone of these
222
Benefits of preparing Bank Reconciliation Statement includes___________?
AIt bring out any errors committed in preparation of Cash book / Bank Pass Book
BHighlights under delay in clearance of cheques deposited but not credited
CHelp know actual bank balance
DAll the three
223
Bank reconciliation statement is a part of_________?
ACash book
BTrial balance
CAuditors report
DNone of these
224
Bank reconciliation is a statement prepared to reconcile__________?
ATrial balance
BCash book
CBank A/c
DCash as per cash book with bank balance as per bank pass book
225
The Bank Reconciliation Statement is prepared?
ATo rectify the mistakes in the Cash Book
BTo arrive at the Bank Balance
CTo arrive at the Cash Balance
Dis the right choice.
226
Difference in Bank Balance as per Pass Book and Cash Book may arise on account of_____________?
Aand
Bresult in difference
CCheque deposited and credited by bank
Dis the right option. Only in situations
227
Which of the following statements best describes the purpose of depreciation?
ARegular reduction of asset value to correspond to changes in market value as the asset ages
BA process of correlating the market value of an asset with its gradual decline in physical efficiency
CAllocation of cost in a manner that will ensure that Plant and Equipment items are not carried on the Balance Sheet in excess of net realizable value
228
Which of the following is true with respect to providing depreciation under diminishing balance method?
AThe amount of depreciation keeps increasing every year while the rate of depreciation keeps decreasing
BThe amount of depreciation and the rate of depreciation decrease every year
CThe amount of depreciation decreases while the rate of depreciation remains the same
229
A second hand car is purchased for 2,00,000 and sold at 1,40,000 after two years. If depreciation is charged @ 10% on written down value method, find the profit or loss on sale of the Second hand car?
ALoss of 20,000
BLoss of 22,000
CLoss of 11,000
DProfit of 11,000
230
A second hand car is purchased for 2,00,000 and sold at 1,40,000 after two years. If depreciation is charged @ 10% on SLM method, find the profit or loss on sale of the car?
A20,000 Loss
B20,000 Profit
C10,000 Loss
D10,000 Profit