A bank reconciliation statement is prepared to reconcile the difference between: MCQ with Answer and Explanation

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A bank reconciliation statement is prepared to reconcile the difference between:

A. Cash book and petty cash book

B. Pass book and purchase book

C. Cash book and sales book

D. Cash book (bank column) and pass book

Answer: Option D

Solution (By JKSSB Mock Tests)

BRS reconciles the bank balance as per cash book (bank column) with the balance as per bank statement (pass book).

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

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Question #1

In a flexible budget, the budgeted cost for a given level of activity is based on:

A. Previous year actuals only

B. Recognition of cost behaviour patterns (fixed and variable)

C. Fixed budget only

D. Zero base

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Correct Answer: Option B

Explanation:
Flexible budget adjusts for different activity levels by separating fixed and variable costs.

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Question #2

The 'Financial Year' in India for tax purposes is:

A. 1st July to 30th June

B. 1st January to 31st December

C. Diwali to Diwali

D. 1st April to 31st March

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Correct Answer: Option D

Explanation:
Indian financial year and tax year runs from April 1 to March 31.

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Question #3

Under GST, IGST revenue is:

A. Kept entirely by the State Government

B. Kept entirely by the Central Government

C. Deposited into the RBI reserves

D. Apportioned between the Central and the Destination State Government

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Correct Answer: Option D

Explanation:
Being a destination-based tax, IGST is collected by the Centre and shared with the destination state where the goods are consumed.

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