Multiple choice

Which of the following is true about B.R.S.?

  1. It is a part of financial statements.

  2. It is prepared by the bank.

  3. It is prepared by the account holder (business).

  4. It is never required at all.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

(A)       Financial statements are final accounts and balance sheet. (B)       B.R.S. is not required by the bank. (C)       B.R.S. is prepared by the business. (D)       BRS is required to ensure the accuracy and detection of frauds, if any.

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