Study & Learn
Read every question, see the correct answer, and understand the explanation at your own pace. Study mode has no timer and no negative marking.
Correct answer
B. Identifying an economic event or transaction
Explanation
Identifying an economic event or transaction is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
A. Future economic benefits for the business
Explanation
Future economic benefits for the business is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
A. To bring out the reasons for the difference between the Balance as per Cash Book and the Balance as per Bank Statement
Explanation
The basic objective of the preparation of the Bank Reconciliation Statement is to locate the reasons for differences between the balance as per Cash book and the balance as per Bank Statement. The ancillary benefits during this process of preparation can be said to be rectification of mistakes in cash book, rectification of mistake in bank statement etc. Hence option D. is the right choice.
Correct answer
D. Debtor
Explanation
Debtor is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. Expenses
Explanation
Expenses is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. Obligations
Explanation
Obligations is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. Cash book
Explanation
Cash book is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
D. T
Explanation
T is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
A. Trial Balance
Explanation
Trial Balance D. is not a financial statement. It is a list of all accounts showing outstanding balances at the end of the accounting period. It helps in the preparation of financial statements. The Profit and Loss Account A.; Balance Sheet B. and Funds Flow statement C. are the financial statements prepared by a business entity. Funds flow statement though categorized as one of the financial statements, its preparation is not mandatory. Thus D. is the correct answer
Correct answer
C. Unit cost
Explanation
Unit cost is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.