Accounting Mcqs

In bank reconciliation statement the amount of outstanding checks is added to ________ balance of cash book.

(A) Adjusted
(B) Unadjusted
(C) Understated
(D) Overstated

Submitted By :Ali Uppal

Bank sent debit advice of $500 to company being interest on overdraft. It wasn’t 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

Submitted By :Ali Uppal

___________ 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

Submitted By :Ali Uppal

Uncollected checks also referred as______________?

(A) Unpresented checks
(B) Uncredited checks
(C) Outstanding checks
(D) Bounced checks

Submitted By :Ali Uppal

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

Submitted By :Ali Uppal

Which of the following is generally not the party to a check?

(A) Payee
(B) Payer
(C) Bank
(D) Seller

Submitted By :Ali Uppal

Postdated checks are considered as__________?

(A) Cash
(B) Bank balance
(C) Accounts receivable
(D) Cash reserve

Submitted By :Ali Uppal

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

Submitted By :Ali Uppal

A credit balance in cash book indicates?

(A) Bank balance
(B) Cash at bank
(C) Bank overdraft
(D) Bank underdraft

Submitted By :Ali Uppal

The closing balance of petty cash book is considered as_________?

(A) Liability
(B) Asset
(C) Expenses
(D) Income

Submitted By :Ali Uppal

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