In a BRS, bank charges recorded twice in the Cash Book will result in: MCQ with Answer and Explanation

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In a BRS, bank charges recorded twice in the Cash Book will result in:

A. Cash Book balance being lower than Pass Book balance

B. No difference

C. Cash Book balance being higher than Pass Book balance

D. Pass Book balance being lower than Cash Book

Answer: Option A

Solution (By JKSSB Mock Tests)

Recording an expense twice in the Cash Book excessively reduces its balance, making it lower than the actual Pass Book balance.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

Tax deduction at source (TDS) is a mechanism under:

A. Direct tax

B. Indirect tax

C. Both direct and indirect tax

D. Local body tax

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Correct Answer: Option A

Explanation:
TDS is part of the Income Tax Act, a direct tax, requiring the payer to deduct tax at source on certain payments.

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

Question #2

The 'FASB' is the accounting standard-setting body of:

A. India

B. United Kingdom

C. United States

D. Japan

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Correct Answer: Option C

Explanation:
Financial Accounting Standards Board (FASB) sets US GAAP.

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Question #3

Discount Allowed is considered a:

A. Direct Expense

B. Selling & Distribution Expense

C. Factory Expense

D. Financial Expense

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Correct Answer: Option B

Explanation:
Discount allowed is given to encourage prompt payment by customers, treated as a selling/administrative expense in the P&L Account.

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

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