Sawaal
22
Q:

Explain what is BRS? 

Answer:



BRS - Bank Reconciliation Statement


 


A bank reconciliation statement is a statement prepared by organizations to reconcile the balance of cash at bank in a company's own records with the bank statement on a particular date.


 


The differences may arise because of the following reasons:


 


     - Cheques deposited into bank but not yet collected by bank


 


     - Cheques issued by the organization but not yet presented for payment


 


     - Cheques directly deposited by customers into the bank


 


     - Bank charges debited by bank


 


     - Interest credited or some receipts directly collected by bank based on org. request.


 


     - Some payments directly made by bank based on the organizations request.


 


So, the statement shows the reasons as what are the reasons for difference in balance.
Filed Under: Accounts Receivable - Accounting and Finance
Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO
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Which among the following is an asset for a bank?

A) The loans disbursed by Bank to its customers B) Cash Deposits of Customers
C) Investments made by Bank’s customers in its financial Products D) All of the above
 
Answer & Explanation Answer: A) The loans disbursed by Bank to its customers

Explanation:

Asset means anything that can be converted into cash. Here in banks, the loans disbursed by Bank to its customers is considered as assets because when they are cleared by them, then they are directly converted to cash.

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Goods that are excludable include both

A) public goods and common resources B) common resources and private goods
C) natural monopolies and public goods D) private goods and natural monopolies
 
Answer & Explanation Answer: D) private goods and natural monopolies

Explanation:

Goods that are excludable include both private goods and natural monopolies.

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Exam Prep: AIEEE , Bank Exams , CAT
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Which one of the following is not a 'Money Market Instrument'?

A) Commercial Paper B) Equity Shares
C) Certificate of Deposit D) Treasury Bills
 
Answer & Explanation Answer: B) Equity Shares

Explanation:

Money market instruments are debt securities that generally give the owner the unconditional right to receive a stated, fixed sum of money on a specified date.


There are several money market instruments in most Western countries, including treasury bills, commercial paper, bankers' acceptances, deposits, certificates of deposit, bills of exchange, repurchase agreements, federal funds, and short-lived mortgage- and asset-backed securities.

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Exam Prep: AIEEE , Bank Exams , CAT
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1 1759
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Assets minus liabilities equals

A) Equity B) Net income
C) Working capital D) Net assets
 
Answer & Explanation Answer: A) Equity

Explanation:

Assets minus liabilities equals Equity.

assets_minus_liabilities_equals1556624662.png image

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Q:

Other things the same, when the interest rate rises 

A) people would want to lend less, making the supply of loanable funds decrease. B) people would want to lend less, making the quantity of loanable funds supplied decrease.
C) people would want to lend more, making the supply of loanable funds increase. D) people would want to lend more, making the quantity of loanable funds supplied increase.
 
Answer & Explanation Answer: D) people would want to lend more, making the quantity of loanable funds supplied increase.

Explanation:

Other things the same, when the interest rate rises people would want to lend more, making the quantity of loanable funds supplied increase.

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Exam Prep: AIEEE , Bank Exams , CAT
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0 1441
Q:

Credit sales are recorded as

A) Accounts Receivable B) Accounts Payable
C) Both A & B D) None of the above
 
Answer & Explanation Answer: A) Accounts Receivable

Explanation:
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1 1427
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In a general sense, "cash flow" can be said to equal

A) operating income less taxes B) operating income after taxes minus depreciation
C) operating income less taxes plus depreciation D) operating income before depreciation and taxes plus depreciation
 
Answer & Explanation Answer: B) operating income after taxes minus depreciation

Explanation:
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The journal entry to record a credit sale is

A) Accounts Receivable B) Accounts Payable
C) Both A & B D) None of the above
 
Answer & Explanation Answer: A) Accounts Receivable

Explanation:

The journal entry to record a credit sale is Accounts Receivable. Credit sale is nothing butthe customers pay at the time of buying.

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