Postdated checks are considered as__________?
A. Cash
B. Bank balance
C. Accounts receivable
D. Cash reserve
Accounting MCQs / Q&A
Petty cash fund is supposed to be replenished?
Petty cash fund is supposed to be replenished?
A. Every day
B. Every half year
C. Every year
D. At the end of every accounting period
A credit balance in cash book indicates?
A credit balance in cash book indicates?
A. Bank balance
B. Cash at bank
C. Bank overdraft
D. Bank underdraft
The closing balance of petty cash book is considered as_________?
The closing balance of petty cash book is considered as_________?
A. Liability
B. Asset
C. Expenses
D. Income
Discount received is recorded on which of the following side of a cash book?
Discount received is recorded on which of the following side of a cash book?
A. Receipts
B. Payments
C. Incomes
D. Expenditures
Cash book is prepared by____________?
Cash book is prepared by____________?
A. Bank
B. Accountant of business
C. Manager of a company
D. Bank’s cashier
Cash book records:______________?
Cash book records:______________?
A. Cash payments
B. Cash receipts
C. Cash payments and cash receipts
D. Neither cash payments nor cash receipts
An entry which is made on both sides of a cash book is called__________?
An entry which is made on both sides of a cash book is called__________?
A. Cash entry
B. Contra entry
C. Payment entry
D. Compound entry
$5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.
$5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.
A. $5000 will be credited
B. $5000 will be debited
C. $10,000 will be credited
D. $10,000 will be debited
A company was entered in hire purchase agreement and had to pay $1000 per month. Three payments were made via bank account but no entry was found in cash book. Identify the correct adjustment in cash book
A company was entered in hire purchase agreement and had to pay $1000 per month. Three payments were made via bank account but no entry was found in cash book. Identify the correct adjustment in cash book
A. $1000 will be added to cash book balance
B. $2000 will be deducted from cash book balance
C. $3000 will be added to cash book balance
D. $3000 will be subtracted from cash book balance