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MCQs / Q&A

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?

Accounting MCQs / Q&A, Bank reconciliation statement MCQs /
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

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? Read More »

Accounting MCQs / Q&A, Bank reconciliation statement MCQs

Unpresented checks also referred as____________?

Accounting MCQs / Q&A, Bank reconciliation statement MCQs /
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.

Unpresented checks also referred as____________? Read More »

Accounting MCQs / Q&A, Bank reconciliation statement MCQs

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

Accounting MCQs / Q&A, Bank reconciliation statement MCQs /
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

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

Accounting MCQs / Q&A, Bank reconciliation statement MCQs

Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book?

Accounting MCQs / Q&A, Bank reconciliation statement MCQs /
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 charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book? Read More »

Accounting MCQs / Q&A, Bank reconciliation statement MCQs