The final step in the accounting cycle is: MCQ with Answer and Explanation

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The final step in the accounting cycle is:

A. Posting to ledger

B. Preparation of trial balance

C. Preparation of financial statements

D. Journalizing

Answer: Option C

Solution (By JKSSB Mock Tests)

The accounting cycle ends with the preparation of financial statements from the trial balance and adjustments.

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

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Question #1

Under the General Financial Rules (GFR) 2017, every government servant is expected to maintain absolute integrity and:

A. Absolute political neutrality

B. Both absolute honesty and absolute devotion to duty

C. Absolute devotion to duty

D. Absolute honesty

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Correct Answer: Option B

Explanation:
Rule 3 of GFR 2017 states that every government servant is expected to maintain absolute integrity, absolute honesty, and absolute devotion to duty in the performance of their official duties.

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

Question #2

Which budget estimates the amount of cash receipts and cash payments during the budget period?

A. Capital Budget

B. Production Budget

C. Sales Budget

D. Cash Budget

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Correct Answer: Option D

Explanation:
A cash budget forecasts the cash inflows and outflows to ensure the firm has adequate liquidity to operate.

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

Question #3

The 'Place of Supply' for inter-state supply is:

A. Location of recipient

B. The state where movement terminates

C. Any state

D. Location of supplier

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Correct Answer: Option B

Explanation:
For inter-state, place of supply generally is the destination state.

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

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