Accounting Mcqs

Page No. 38

In bank reconciliation statement the amount of outstanding checks is added to ________ balance of cash book.


aAdjusted

✓


bUnadjusted

✖


cUnderstated

✖


dOverstated

✖


View Answer Adjusted

Bank sent debit advice of $500 to company being interest on overdraft. It wasn’t entered in cash book. Identify the correct adjustment in cash book. $500 will be debited


a$500 will be debited

✖


b$500 will be credited

✓


cNon-adjustable

✖


d$1000 will be subtracted

✖


View Answer $500 will be credited

___________ are checks that are issued by the business but not yet presented to bank


aUncollected checks

✖


bUncredited checks

✖


cOutstanding checks

✓


dBounced checks

✖


View Answer Outstanding checks

Uncollected checks also referred as______________?


aUnpresented checks

✖


bUncredited checks

✓


cOutstanding checks

✖


dBounced checks

✖


View Answer Uncredited checks

Standing orders are ________


aCredited in the cash book

✓


bDebited in the cash book

✖


cEntered in the bank statement

✖


dEntered in the petty cash balance

✖



A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book?


a$2000 will be debited in cash book

✖


b$2000 will be credited in cash book

✓


c$4000 will be debited in cash book

✖


d$4000 will be credited in the cash book

✖



Unpresented checks also referred as____________?


aUncollected checks

✖


bUncredited checks

✖


cOutstanding checks

✓


dBounced checks

✖


View Answer Outstanding checks

In the Bank reconciliation statement “Deposit in transit” is usually:


aSubtracted from bank balance

✖


bAdded to bank balance

✓


cAdded to Cash book balance

✖


dSubtracted from cash book balance

✖


View Answer Added to bank balance

Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).


aCash receipt journal

✖


bCash payment journal

✖


cCash book

✓


dFinancial statements

✖


View Answer Cash book

Favorable balance of cash book implies that


aCredit balance of cash book

✖


bDebit balance of cash book

✓


cBank overdraft

✖


dAdjusted balance of cash book

✖



Goto Page No.

Page 38 of 71

Alphabetical MCQs Categories
—

Here below You find all kind of categories of MCQs in alphabetical order.


"Comprehensive Collection of MCQs: Alphabetically Organized by Subject"
—

"Discover an extensive collection of multiple-choice questions (MCQs) neatly categorized by subject from A to Z. This resource is designed for anyone eager to explore various topics in a straightforward and organized manner. Whether you're a student preparing for exams, an educator seeking supplementary materials, or simply curious about different subjects, this compilation offers a convenient way to learn and assess your knowledge. With questions arranged alphabetically, navigation is effortless, allowing you to delve into subjects of interest at your own pace. Engage, learn, and expand your understanding with this accessible and comprehensive repository of MCQs!"


BolPakistan

bolpakistan.com.pk includes Job Mcqs and Pak Mcqs is the Top Largest Mcqs Forum in World, in which you can read Mcqs of All Subjects, PPSC test preparation, FPSC, NTS and PPSC PAST PAPERS, PPSC PAST MCQS. A Collection of Repeated MCQs for JOBs seekers.

Copyright © 2024, Designed & Developed by BolPakistan