Accounting Mcqs

Page No. 1

Postdated cheques are considered as


aCash

✖


bBank balance

✖


cAccounts receivable

✓


dCash reserve

✖


View Answer Accounts receivable

Purchase of office equipment for cash will be recorded on which side of a cash book?


aReceipts

✖


bPayments

✓


cIncomes

✖


dExpenditures

✖


View Answer Payments

A cash book that is used to record the small payments of cash is generally referred to as


aSimple cash book

✖


bTwo columns cash book

✖


cThree columns cash book

✖


dPetty cash book

✓


View Answer Petty cash book

Cash book with cash and discount column is mostly referred to as


aSimple cash book

✖


bTwo columns cash book

✓


cThree columns cash book

✖


dPetty cash book

✖


View Answer Two columns cash book

Introduction of capital by owner of business is recorded on which side of a cash book?


aReceipts

✓


bPayments

✖


cIncomes

✖


dExpenditures

✖


View Answer Receipts

Favourable balance of cash book implies


aCredit balance of cash book

✖


bDebit balance of cash book

✓


cBank overdraft

✖


dAdjusted balance of cash book

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_______ are cheques that are issued by the business but not yet presented to bank for payment


aUncollected cheques

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bUncredited cheques

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cOutstanding cheques

✓


dBounced cheques

✖


View Answer Outstanding cheques

Unpresented cheques are also referred to as


aUncollected cheques

✖


bUncredited cheques

✖


cOutstanding cheques

✓


dBounced cheques

✖


View Answer Outstanding cheques

A cheque returned by bank marked "NSF" means that


aBank can't verify your identity

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bThere are not sufficient funds in your account

✓


cCheque has been forged

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dCheque can't be cashed being illegal

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Bank Reconciliation statement is the comparison of a bank statement (sent by bank) with the


aCash receipt journal

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bCash payment journal

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cCash book

✓


dFinancial statements

✖


View Answer Cash book

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