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MCQs 1: Favorable balance of bank statement implies that

Credit balance Debit balance Bank overdraft Adjusted balance
Answer Explanation

MCQs 2: Balance as per cash book(adjusted.=$1000, Unpresented checks=$2000, Uncredited checks=$500, Deposit in transit=$500. Compute the balance as per bank statement.

$2000 Zero $3000 $2500
Answer Explanation

MCQs 3: 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

$1000 will be added to cash book balance $2000 will be deducted from cash book balance $3000 will be added to cash book balance $3000 will be subtracted from cash book balance
Answer Explanation

MCQs 4: $5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.

$5000 will be credited $5000 will be debited $10,000 will be credited $10,000 will be debited
Answer Explanation

MCQs 5: An entry which is made on both sides of a cash book is called__________?

Cash entry Contra entry Payment entry Compound entry
Answer Explanation

MCQs 6: Cash book records:______________?

Cash payments Cash receipts Cash payments and cash receipts Neither cash payments nor cash receipts
Answer Explanation

MCQs 7: Cash book is prepared by____________?

Bank Accountant of business Manager of a company Bank’s cashier
Answer Explanation

MCQs 8: Discount received is recorded on which of the following side of a cash book?

Receipts Payments Incomes Expenditures
Answer Explanation

MCQs 9: The closing balance of petty cash book is considered as_________?

Liability Asset Expenses Income
Answer Explanation

MCQs 10: A credit balance in cash book indicates?

Bank balance Cash at bank Bank overdraft Bank underdraft
Answer Explanation

MCQs 11: Petty cash fund is supposed to be replenished?

Every day Every half year Every year At the end of every accounting period
Answer Explanation

MCQs 12: Postdated checks are considered as__________?

Cash Bank balance Accounts receivable Cash reserve
Answer Explanation

MCQs 13: Which of the following is generally not the party to a check?

Payee Payer Bank Seller
Answer Explanation

MCQs 14: Cash book with cash and discount column is mostly referred as________?

Simple cash book Two column cash book Three column cash book Petty cash book
Answer Explanation

MCQs 15: A simple or one column cash book usually has which of the following main columns?

Bank Payments Discount Cash
Answer Explanation

MCQs 16: Purchase of office equipment for cash will be recorded on which of the following sides of a cash book?

Receipts Payments Incomes Expenditures
Answer Explanation

MCQs 17: Postage stamps on hand are considered as_________?

Bank Prepaid expenses Accounts receivable Creditor
Answer Explanation

MCQs 18: A cash book that is used to record the small payments of cash is generally referred as_________?

Simple cash book Two column cash book Three column cash book Petty cash book
Answer Explanation

MCQs 19: Drawings by owner of business are generally recorded on which of the following side of a cash book?

Receipts Payments Incomes Expenditures
Answer Explanation

MCQs 20: Payment of rent expenses is recorded on which side of cash book?

Receipts Payments Income Expense
Answer Explanation

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