181. Which of these are not required in a promissory note?
✅ A. Acceptance
Option A : Acceptance Option B : Unconditional promise to pay Option C : Properly stamped Option D : Payment to be made legal currency Correct Answer : Acceptance Read more
Author: Faraz Ahmed – Page 10
182. 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_________?
✅ A. 4/4/2013
Option A : 4/4/2013 Option B : 3/4/2013 Option C : 1/4/2013 Option D : 31-3-2013 Correct Answer : 4/4/2013 Read more
183. Accommodation bills are generally for?
✅ B. For mutual financial accommodation
Option A : Genuine trade reasons Option B : For mutual financial accommodation Option C : To help augment money supply Option D : All the three Correct Answer : For mutual financial accommodation Read more
184. A cash deposit made by business appears on the bank statement as _______ balance?
✅ B. Credit
Option A : Debit Option B : Credit Option C : Expenses Option D : Liability Correct Answer : Credit Read more
185. A check returned by bank marked NSF means that:
✅ B. There are not sufficient funds in your account
Option A : Bank cant verify your identity Option B : There are not sufficient funds in your account Option C : Check has been forged Option D : Check cant be cashed being illegal Correct Answer : There are not sufficient funds in your account Read more
186. Bank reconciliation statement is prepared by____________?
✅ A. Accountant of the business
Option A : Accountant of the business Option B : Manager of the business Option C : Controller of the bank Option D : Accountant of the bank Correct Answer : Accountant of the business Read more
187. Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book?
✅ C. Bank charges will be credited in cash book
Option A : Bank charges will be debited in cash book Option B : Bank charges will be added to cash book balance Option C : Bank charges will be credited in cash book Option D : Bank charges need no adjustment in cash book Correct Answer : Bank charges will be credited in cash book Read more
188. Favorable balance of cash book implies that
✅ B. Debit balance of cash book
Option A : Credit balance of cash book Option B : Debit balance of cash book Option C : Bank overdraft Option D : Adjusted balance of cash book Correct Answer : Debit balance of cash book Read more
189. Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).
✅ C. Cash book
Option A : Cash receipt journal Option B : Cash payment journal Option C : Cash book Option D : Financial statements Correct Answer : Cash book Read more
190. In the Bank reconciliation statement Deposit in transit is usually:
✅ B. Added to bank balance
Option A : Subtracted from bank balance Option B : Added to bank balance Option C : Added to Cash book balance Option D : Subtracted from cash book balance Correct Answer : Added to bank balance Read more