Accounting Mcqs

Discount received is recorded on which of the following side of a cash book?

• (A)  Receipts
• (B)  Payments
• (C)  Incomes
• (D)  Expenditures

Answer

Submitted By :Ali Uppal

Cash book is prepared by____________?

• (A)  Bank
• (B)  Accountant of business
• (C)  Manager of a company
• (D)  Bank’s cashier

Answer

Submitted By :Ali Uppal

Cash book records:______________?

• (A)  Cash payments
• (B)  Cash receipts
• (C)  Cash payments and cash receipts
• (D)  Neither cash payments nor cash receipts

Answer

Submitted By :Ali Uppal

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

Answer

Submitted By :Ali Uppal

$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

Answer

Submitted By :Ali Uppal

A cash book with cash, bank and discount column is commonly referred as________?

• (A)  Cash book
• (B)  Two columns cash book
• (C)  Three columns cash book
• (D)  Petty cash book

Answer

Submitted By :Ali Uppal

Introduction capital by owner of business is recorded on which side of a cash book?

• (A)  Receipts
• (B)  Payments
• (C)  Incomes
• (D)  Expenditures

Answer

Submitted By :Ali Uppal

Cash discount is allowed on _______ repayment of debt.

• (A)  Lump sum
• (B)  Prompt
• (C)  Actual
• (D)  None of them

Answer

Submitted By :Ali Uppal

Payment of rent expenses is recorded on which side of cash book?

• (A)  Receipts
• (B)  Payments
• (C)  Income
• (D)  Expense

Answer

Submitted By :Ali Uppal

Drawings by owner of business are generally recorded on which of the following side of a cash book?

• (A)  Receipts
• (B)  Payments
• (C)  Incomes
• (D)  Expenditures

Answer

Submitted By :Ali Uppal