📒Accounting MCQs
Accounting MCQs
397 MCQs321
$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
322
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
323
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$2000
BZero
C$3000
D$2500
324
Favorable balance of bank statement implies that
ACredit balance
BDebit balance
CBank overdraft
DAdjusted balance
325
_________ Checks that are presented to bank but not yet credited by the bank.
AUnpresented checks
BUncredited checks
COutstanding checks
DBounced checks
326
Which of the following error results in unadjusted cash book balance?
AOutstanding checks
BUnpresented checks
CDeposit in transit
DOmission of Bank charges
327
In bank reconciliation statement the amount of outstanding checks is added to ________ balance of cash book.
AAdjusted
BUnadjusted
CUnderstated
DOverstated
328
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
CNon-adjustable
D$1000 will be subtracted
329
___________ are checks that are issued by the business but not yet presented to bank
AUncollected checks
BUncredited checks
COutstanding checks
DBounced checks
330
A cash book with cash, bank and discount column is commonly referred as________?
ACash book
BTwo columns cash book
CThree columns cash book
DPetty cash book