Author: Faraz Ahmed – Page 8

✅ 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

✅ A. $5000 will be credited

Option A : $5000 will be credited Option B : $5000 will be debited Option C : $10,000 will be credited Option D : $10,000 will be debited Correct Answer : $5000 will be credited Read more

✅ B. Contra entry

Option A : Cash entry Option B : Contra entry Option C : Payment entry Option D : Compound entry Correct Answer : Contra entry Read more

✅ C. Cash payments and cash receipts

Option A : Cash payments Option B : Cash receipts Option C : Cash payments and cash receipts Option D : Neither cash payments nor cash receipts Correct Answer : Cash payments and cash receipts Read more

✅ B. Accountant of business

Option A : Bank Option B : Accountant of business Option C : Manager of a company Option D : Banks cashier Correct Answer : Accountant of business Read more

✅ B. Payments

Option A : Receipts Option B : Payments Option C : Incomes Option D : Expenditures Correct Answer : Payments Read more

✅ B. Asset

Option A : Liability Option B : Asset Option C : Expenses Option D : Income Correct Answer : Asset Read more

✅ C. Bank overdraft

Option A : Bank balance Option B : Cash at bank Option C : Bank overdraft Option D : Bank underdraft Correct Answer : Bank overdraft Read more

✅ D. At the end of every accounting period

Option A : Every day Option B : Every half year Option C : Every year Option D : At the end of every accounting period Correct Answer : At the end of every accounting period Read more

✅ C. Accounts receivable

Option A : Cash Option B : Bank balance Option C : Accounts receivable Option D : Cash reserve Correct Answer : Accounts receivable Read more