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MCQs 1: A foreign bill of exchange is generally drawn up in___________?

Triplicate Duplicate Single Quadruplicate
Answer Explanation

MCQs 2: Which of these are not required in a promissory note?

Acceptance Unconditional promise to pay Properly stamped Payment to be made legal currency
Answer Explanation

MCQs 3: X draws a Bill of Exchange on Y for 10,000 on 1-1-2013 for 3 months. The due date of the bill will be_________?

4-4-2013 3-4-2013 1-4-2013 31-3-2013
Answer Explanation

MCQs 4: Accommodation bills are generally for?

Genuine trade reasons For mutual financial accommodation To help augment money supply All the three
Answer Explanation

MCQs 5: A cash deposit made by business appears on the bank statement as _______ balance?

Debit Credit Expenses Liability
Answer Explanation

MCQs 6: A check returned by bank marked “NSF” means that:

Bank can’t verify your identity There are not sufficient funds in your account Check has been forged Check can’t be cashed being illegal
Answer Explanation

MCQs 7: Bank reconciliation statement is prepared by____________?

Accountant of the business Manager of the business Controller of the bank Accountant of the bank
Answer Explanation

MCQs 8: Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book?

Bank charges will be debited in cash book Bank charges will be added to cash book balance Bank charges will be credited in cash book Bank charges need no adjustment in cash book
Answer Explanation

MCQs 9: Favorable balance of cash book implies that

Credit balance of cash book Debit balance of cash book Bank overdraft Adjusted balance of cash book
Answer Explanation

MCQs 10: Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).

Cash receipt journal Cash payment journal Cash book Financial statements
Answer Explanation

MCQs 11: In the Bank reconciliation statement “Deposit in transit” is usually:

Subtracted from bank balance Added to bank balance Added to Cash book balance Subtracted from cash book balance
Answer Explanation

MCQs 12: Unpresented checks also referred as____________?

Uncollected checks Uncredited checks Outstanding checks Bounced checks
Answer Explanation

MCQs 13: 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?

$2000 will be debited in cash book $2000 will be credited in cash book $4000 will be debited in cash book $4000 will be credited in the cash book
Answer Explanation

MCQs 14: Standing orders are ________

Credited in the cash book Debited in the cash book Entered in the bank statement Entered in the petty cash balance
Answer Explanation

MCQs 15: Uncollected checks also referred as______________?

Unpresented checks Uncredited checks Outstanding checks Bounced checks
Answer Explanation

MCQs 16: ___________ are checks that are issued by the business but not yet presented to bank

Uncollected checks Uncredited checks Outstanding checks Bounced checks
Answer Explanation

MCQs 17: 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 $500 will be credited Non-adjustable $1000 will be subtracted
Answer Explanation

MCQs 18: In bank reconciliation statement the amount of outstanding checks is added to ________ balance of cash book.

Adjusted Unadjusted Understated Overstated
Answer Explanation

MCQs 19: Which of the following error results in unadjusted cash book balance?

Outstanding checks Unpresented checks Deposit in transit Omission of Bank charges
Answer Explanation

MCQs 20: _________ Checks that are presented to bank but not yet credited by the bank.

Unpresented checks Uncredited checks Outstanding checks Bounced checks
Answer Explanation

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