A bank reconciliation statement is prepared to reconcile the balance of: MCQ with Answer and Explanation

Question
A bank reconciliation statement is prepared to reconcile the balance of:
A. Purchase book and cash book
B. Cash book (bank column) and passbook
C. Cash book (cash column) and passbook
D. Sales book and passbook
Answer: Option B
Solution (By JKSSB Mock Tests)
BRS reconciles the bank balance as per cash book and bank statement (passbook).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Which error will cause a mismatch in trial balance?
A. Compensating errors
B. Error of omission of a transaction completely
C. Posting a correct amount on the wrong side of an account
D. Error of principle
Discuss
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Correct Answer: Option C

Explanation:
Posting on the wrong side causes one side to be more/less, making totals unequal.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Advance Tax' is payable if tax liability exceeds:
A. ₹5,000
B. ₹1,000
C. ₹10,000
D. ₹20,000
Discuss
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Correct Answer: Option C

Explanation:
Advance tax is required to be paid if the net tax liability is ₹10,000 or more.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
In cost accounting, 'Idle Time' means:
A. Overtime worked
B. Standard time
C. Time spent on maintenance
D. Time for which workers are paid but no production occurs
Discuss
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Correct Answer: Option D

Explanation:
Idle time is unproductive time for which wages are paid.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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