121. Which English alphabet is similar to the shape of an account?
✅ B. T
Option A : I Option B : T Option C : H Option D : None Correct Answer : T Read more
Author: Faraz Ahmed – Page 7
122. Which of the following is generally not the party to a check?
✅ D. Seller
Option A : Payee Option B : Payer Option C : Bank Option D : Seller Correct Answer : Seller Read more
123. Cash book with cash and discount column is mostly referred as________?
✅ B. Two column cash book
Option A : Simple cash book Option B : Two column cash book Option C : Three column cash book Option D : Petty cash book Correct Answer : Two column cash book Read more
124. A simple or one column cash book usually has which of the following main columns?
✅ D. Cash
Option A : Bank Option B : Payments Option C : Discount Option D : Cash Correct Answer : Cash Read more
125. Purchase of office equipment for cash will be recorded on which of the following sides of a cash book?
✅ B. Payments
Option A : Receipts Option B : Payments Option C : Incomes Option D : Expenditures Correct Answer : Payments Read more
126. Postage stamps on hand are considered as_________?
✅ B. Prepaid expenses
Option A : Bank Option B : Prepaid expenses Option C : Accounts receivable Option D : Creditor Correct Answer : Prepaid expenses Read more
127. Which of the following error results in unadjusted cash book balance?
✅ A. Outstanding checks
Option A : Outstanding checks Option B : Unpresented checks Option C : Deposit in transit Option D : Omission of Bank charges Correct Answer : Outstanding checks Read more
128. _________ Checks that are presented to bank but not yet credited by the bank.
✅ B. Uncredited checks
Option A : Unpresented checks Option B : Uncredited checks Option C : Outstanding checks Option D : Bounced checks Correct Answer : Uncredited checks Read more
129. Balance as per cash book(adjusted.=$1000, Unpresented checks=$2000, Uncredited checks=$500, Deposit in transit=$500. Compute the balance as per bank statement.
✅ A. $2,000
Option A : $2,000 Option B : Zero Option C : $3,000 Option D : $2,500 Correct Answer : $2,000 Read more
130. 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
✅ D. $3000 will be subtracted from cash book balance
Option A : $1000 will be added to cash book balance Option B : $2000 will be deducted from cash book balance Option C : $3000 will be added to cash book balance Option D : $3000 will be subtracted from cash book balance Correct Answer : $3000 will be subtracted from cash book balance Read more