In the Bank reconciliation statement œDeposit in transit is usually:

✅ D. Trading and Profit and Loss A/c

Option A : Balance Sheet Option B : Profit and Loss appropriation A/c Option C : Manufacturing A/c Option D : Trading and Profit and Loss A/c Correct Answer : Trading and Profit and Loss A/c Read more

✅ C. Balance Sheet only

Option A : Trading A/c and Balance Sheet Option B : Profit and Loss A/c Option C : Balance Sheet only Option D : Trading A/c only Correct Answer : Balance Sheet only Read more

✅ A. When a discounted bill is honoured by the drawee on the due date

Option A : When a discounted bill is honoured by the drawee on the due date Option B : When a bill is sent to the bank for collection Option C : When a bill is renewed at the request of the drawee Option D : When a debtor accepts a bill drawn by the drawer Correct Answer : When… Read more

✅ A. Current assets and current liabilities

Option A : Current assets and current liabilities Option B : Profit and loss A/C and Balance sheet Option C : Current assets and non-current liabilities Option D : Current liabilities and non-current liabilities Correct Answer : Current assets and current liabilities Read more

✅ A. Interest Rate

Option A : Interest Rate Option B : Required rate of return Option C : Nominal interest rate Option D : All of the above Correct Answer : Interest Rate Read more

✅ B. Rent A/c

Option A : Outstanding Salary A/c Option B : Rent A/c Option C : SBI A/c Option D : Debtors A/c Correct Answer : Rent A/c Read more

✅ D. The favorable bank balance as per Pass Book is less than the Bank balance as per Cash book

Option A : The Trial Balance will not agree Option B : The balance of creditors is understated Option C : The purchases are understated Option D : The favorable bank balance as per Pass Book is less than the Bank balance as per Cash book Correct Answer : The favorable bank balance as per Pass Book is less than… Read more

✅ B. Inventories

Option A : Goodwill Option B : Inventories Option C : Investments Option D : Both Correct Answer : Inventories Read more