While preparing a Bank Reconciliation Statement, a cheque deposited but not yet cleared is: MCQ with Answer and Explanation

Question
While preparing a Bank Reconciliation Statement, a cheque deposited but not yet cleared is:
A. Deducted from the bank statement balance
B. Added to the bank statement balance
C. Added to the cash book balance
D. Deducted from the cash book balance
Answer: Option B
Solution (By JKSSB Mock Tests)
When starting from bank statement (pass book) balance, a deposit in transit must be added because it's not yet reflected in the bank statement.
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 of the following is a 'Revenue Reserve'?
A. Debenture redemption reserve
B. General reserve
C. Investment allowance reserve
D. Capital redemption reserve
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Correct Answer: Option B

Explanation:
General reserve is created out of revenue profits; others are specific reserves.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following is considered a 'Recent Development' in environmental accounting?
A. Double Entry System
B. Carbon Credit Accounting
C. Cash Book Management
D. Trial Balance Preparation
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Correct Answer: Option B

Explanation:
Accounting for carbon credits (emissions trading) is a modern concept dealing with intangible assets related to environmental compliance.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
In the absence of a partnership deed, profits are shared:
A. Based on age
B. In the ratio of capital
C. Equally
D. Based on experience
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Correct Answer: Option C

Explanation:
As per Indian Partnership Act, 1932, in absence of a deed, profits and losses are shared equally among partners.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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