A Bank Reconciliation Statement is prepared by: MCQ with Answer and Explanation

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A Bank Reconciliation Statement is prepared by:

A. Customer (account holder)

B. Auditor of the bank

C. Reserve Bank

D. Bank

Answer: Option A

Solution (By JKSSB Mock Tests)

BRS is prepared by the customer to reconcile differences between his records and bank statement.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

In cost accounting, the prime cost is equal to:

A. Cost of production + Selling overheads

B. Direct materials + Direct labor + Direct expenses

C. Factory cost + Admin overheads

D. Total cost - Profit

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Correct Answer: Option B

Explanation:
Prime cost is the aggregate of all direct costs, specifically direct materials, direct labor, and direct expenses.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

Under AS 19 'Leases', a lease is classified as finance lease if:

A. It is an operating lease

B. Lessor retains ownership

C. Lease term is less than one year

D. It transfers substantially all risks and rewards incidental to ownership

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Correct Answer: Option D

Explanation:
Finance lease transfers substantially all risks and rewards of ownership to the lessee.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

The 'Asset Ceiling' in defined benefit plans under Ind AS 19 refers to:

A. Maximum plan assets

B. Only for gratuity

C. Limit on the amount of surplus that can be recognised as an asset (present value of refunds/reductions in future contributions)

D. No limit

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Correct Answer: Option C

Explanation:
Ind AS 19 restricts the recognised asset to the economic benefits available.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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