Accounting MCQs
Accounting MCQs Test Preparation | Latest 2025 Quiz FPSC, NTS, KPPSC, PPSC, SPSC, BPSC, OTS, UTS, PTS, CTS, ATS, ETEA MCQs Test Questions.
Which of these are not required in a promissory note?
A: Acceptance
B: Unconditional promise to pay
C: Properly stamped
D: Payment to be made legal currency
Acceptance
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
B: 3/4/2013
C: 1/4/2013
D: 31-3-2013
4/4/2013
Accommodation bills are generally for?
A: Genuine trade reasons
B: For mutual financial accommodation
C: To help augment money supply
D: All the three
For mutual financial accommodation
A cash deposit made by business appears on the bank statement as _______ balance?
A: Debit
B: Credit
C: Expenses
D: Liability
Credit
A check returned by bank marked NSF means that:
A: Bank cant verify your identity
B: There are not sufficient funds in your account
C: Check has been forged
D: Check cant be cashed being illegal
There are not sufficient funds in your account
Bank reconciliation statement is prepared by____________?
A: Accountant of the business
B: Manager of the business
C: Controller of the bank
D: Accountant of the bank
Accountant of the business
Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book?
A: Bank charges will be debited in cash book
B: Bank charges will be added to cash book balance
C: Bank charges will be credited in cash book
D: Bank charges need no adjustment in cash book
Bank charges will be credited in cash book
Favorable balance of cash book implies that
A: Credit balance of cash book
B: Debit balance of cash book
C: Bank overdraft
D: Adjusted balance of cash book
Debit balance of cash book
Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).
A: Cash receipt journal
B: Cash payment journal
C: Cash book
D: Financial statements
Cash book
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