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Accounts mcq

Authored by Akshith K.B

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Accounts mcq
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61 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • Ungraded

What is the main purpose of preparing a bank reconciliation statement?

(a) To know the bank balance
(b) To know the balance of the bank statement
(c) To correct the cash book
(d) To identify causes of difference between cash book and bank statement

2.

MULTIPLE CHOICE QUESTION

30 sec • Ungraded

Bank reconciliation statement compares a bank statement with _________.

(a) Cash payment journal
(b) Cash receipt journal
(c) Financial statements
(d) Cash book

3.

MULTIPLE CHOICE QUESTION

30 sec • Ungraded

Unfavorable bank balances mean ______.

(a) Credit balance in the cash book
(b) Debit balance in the passbook
(c) Debit balance in the cash book
(d) Favourable balance in the cash book

4.

MULTIPLE CHOICE QUESTION

30 sec • Ungraded

The main objective of depreciation is

(a) To show the previous profit
(b) To calculate net profit
(c) To reduce tax
(d) To satisfy the tax department

5.

MULTIPLE CHOICE QUESTION

30 sec • Ungraded

Depreciation is generated due to

(a) Increase in the value of liability
(b) Decrease in capital
(c) Wear and tear
(d) Decrease in the value of assets

6.

MULTIPLE CHOICE QUESTION

30 sec • Ungraded

_________ is a permanent decline in the value of an asset. The gradual decrease both in the value and usefulness

a.Rectification of errors
b.Depreciation
c.BRS
d.none

7.

MULTIPLE CHOICE QUESTION

30 sec • Ungraded

Under this method depreciation is charged evenly every year throughout life of the asset

a.Straight line method
b.Diminishing method
c.Original cost method
d. Both a & c

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