What is an 'amended cash book' in the context of BRS? MCQ with Answer and Explanation

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What is an 'amended cash book' in the context of BRS?

A. A cash book used only for petty expenses

B. A cash book updated with missing transactions and rectifications before preparing BRS

C. A cash book prepared by the bank

D. A cash book updated for bank errors

Answer: Option B

Solution (By JKSSB Mock Tests)

An amended cash book adjusts for items like direct deposits, bank charges, and clerical errors in the cash book before reconciling timing differences.

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

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The 'Cost Volume Profit' (CVP) analysis is a tool for:

A. Audit

B. Inventory valuation

C. Tax planning

D. Understanding relationship between cost, volume, and profit

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Correct Answer: Option D

Explanation:
CVP analysis helps in profit planning by studying effects of changes in costs and volume.

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Question #2

A 'qualified audit report' means:

A. Financial statements are not true and fair

B. No audit performed

C. Financial statements are true and fair except for certain matters

D. Financial statements are true and fair

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Correct Answer: Option C

Explanation:
A qualified opinion indicates that except for the effects of the matter(s) described, the financial statements give a true and fair view.

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Question #3

Interest on capital is calculated on:

A. Capital introduced initially only

B. Opening capital (with adjustments for additional capital and drawings if specified)

C. Capital at the end of the year

D. Average capital

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Correct Answer: Option B

Explanation:
Interest is computed on the opening capital, and if the deed provides, adjustments for additions/withdrawals during the year.

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

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