Uncollected checks also referred as______________?
A. Unpresented checks
B. Uncredited checks
C. Outstanding checks
D. Bounced checks
MCQs / Q&A
Standing orders are ________
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 book?
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____________?
Unpresented checks also referred as____________?
A. Uncollected checks
B. Uncredited checks
C. 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 checking account. In other words, the check has not yet been paid by the bank on which the check is drawn. An unpresented check is also known as an outstanding check.
In the Bank reconciliation statement “Deposit in transit” is usually:
In the Bank reconciliation statement “Deposit in transit” is usually:
A. Subtracted from bank balance
B. 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).
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 journal
C. Cash book
D. Financial statements
Favorable balance of cash book implies that
Favorable balance of cash book implies that
A. Credit balance of cash book
B. 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?
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 balance
C. Bank charges will be credited in cash book
D. Bank charges need no adjustment in cash book
Bank reconciliation statement is prepared by____________?
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 check returned by bank marked “NSF” means that:
A. Bank can’t verify your identity
B. There are not sufficient funds in your account
C. Check has been forged
D. Check can’t be cashed being illegal