Accounting MCQs
Accounting MCQs Test Preparation | Latest 2021 Quiz FPSC, NTS, KPPSC, PPSC, SPSC, BPSC, OTS, UTS, PTS, CTS, ATS, ETEA MCQs Test Questions.
In bank reconciliation statement the amount of outstanding checks is added to ________ balance of cash book.
A: Adjusted
B: Unadjusted
C: Understated
D: Overstated
Adjusted
Unpresented checks also referred as____________?
A: Uncollected checks
B: Uncredited checks
C: Outstanding checks
D: Bounced checks Read More Details about this Mcq
Outstanding checks
A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book?
A: $2000 will be debited in cash book
B: $2000 will be credited in cash book
C: $4000 will be debited in cash book
D: $4000 will be credited in the cash book
$2000 will be credited in cash book
Standing orders are ________
A: Credited in the cash book
B: Debited in the cash book
C: Entered in the bank statement
D: Entered in the petty cash balance
Credited in the cash book
Uncollected checks also referred as______________?
A: Unpresented checks
B: Uncredited checks
C: Outstanding checks
D: Bounced checks
Uncredited checks
___________ are checks that are issued by the business but not yet presented to bank
A: Uncollected checks
B: Uncredited checks
C: Outstanding checks
D: Bounced checks
Outstanding checks
Bank sent debit advice of $500 to company being interest on overdraft. It wasnt entered in cash book. Identify the correct adjustment in cash book.
A: $500 will be debited
B: $500 will be credited
C: Non-adjustable
D: $1000 will be subtracted
$500 will be credited
In the Bank reconciliation statement Deposit in transit is usually:
A: Subtracted from bank balance
B: Added to bank balance
C: Added to Cash book balance
D: Subtracted from cash book balance
Added to bank balance
Which of these is not an essential feature of a bill of exchange?
A: Unconditional
B: Certainty of amount
C: In writing
D: Amount to be paid in foreign currency
Amount to be paid in foreign currency