Standing orders are ________ A. Credited in the cash book B. Debited in the cash book C. Entered in the bank statement D. Entered 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…

Unpresented checks also referred as____________? A. Uncollected checks B. Uncredited checksC. Outstanding checks D. Bounced checks An unpresented check is a check written by a company and entered in its records, but the check has not yet cleared the company’s…

In the Bank reconciliation statement “Deposit in transit” is usually: A. Subtracted from bank balanceB. Added to bank balance C. Added to Cash book balance D. Subtracted from cash book balance

Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business). A. Cash receipt journal B. Cash payment journalC. Cash book D. Financial statements

Favorable balance of cash book implies that A. Credit balance of cash bookB. Debit balance of cash book C. Bank overdraft D. Adjusted balance of cash book

Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book? A. Bank charges will be debited in cash book B. Bank charges will be added to cash book balanceC. Bank charges…

Bank reconciliation statement is prepared by____________? A. Accountant of the business B. Manager of the business C. Controller of the bank D. Accountant of the bank

A check returned by bank marked “NSF” means that: A. Bank can’t verify your identityB. There are not sufficient funds in your account C. Check has been forged D. Check can’t be cashed being illegal

A cash deposit made by business appears on the bank statement as _______ balance? A. DebitB. Credit C. Expenses D. Liability