Accounting MCQs
Accounting MCQs Test Preparation | Latest 2021 Quiz FPSC, NTS, KPPSC, PPSC, SPSC, BPSC, OTS, UTS, PTS, CTS, ATS, ETEA MCQs Test Questions.
Petty cash fund is supposed to be replenished?
A: Every day
B: Every half year
C: Every year
D: At the end of every accounting period
At the end of every accounting period
Postdated checks are considered as__________?
A: Cash
B: Bank balance
C: Accounts receivable
D: Cash reserve
Accounts receivable
Which of the following error results in unadjusted cash book balance?
A: Outstanding checks
B: Unpresented checks
C: Deposit in transit
D: Omission of Bank charges
Outstanding checks
_________ Checks that are presented to bank but not yet credited by the bank.
A: Unpresented checks
B: Uncredited checks
C: Outstanding checks
D: Bounced checks
Uncredited checks
Favorable balance of bank statement implies that
A: Credit balance
B: Debit balance
C: Bank overdraft
D: Adjusted balance
Credit balance
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
B: Zero
C: $3,000
D: $2,500
$2,000
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
A: $1000 will be added to cash book balance
B: $2000 will be deducted from cash book balance
C: $3000 will be added to cash book balance
D: $3000 will be subtracted from cash book balance
$3000 will be subtracted from cash book balance
$5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.
A: $5000 will be credited
B: $5000 will be debited
C: $10,000 will be credited
D: $10,000 will be debited
$5000 will be credited
An entry which is made on both sides of a cash book is called__________?
A: Cash entry
B: Contra entry
C: Payment entry
D: Compound entry
Contra entry
Cash book records:______________?
A: Cash payments
B: Cash receipts
C: Cash payments and cash receipts
D: Neither cash payments nor cash receipts
Cash payments and cash receipts