📒Accounting MCQs
Accounting MCQs
397 MCQs371
Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book?
ABank charges will be debited in cash book
BBank charges will be added to cash book balance
CBank charges will be credited in cash book
DBank charges need no adjustment in cash book
372
Bank reconciliation statement is prepared by____________?
AAccountant of the business
BManager of the business
CController of the bank
DAccountant of the bank
373
A check returned by bank marked “NSF” means that:
ABank can’t verify your identity
BThere are not sufficient funds in your account
CCheck has been forged
DCheck can’t be cashed being illegal
374
A cash deposit made by business appears on the bank statement as _______ balance?
ADebit
BCredit
CExpenses
DLiability
375
Accommodation bills are generally for?
AGenuine trade reasons
BFor mutual financial accommodation
CTo help augment money supply
DAll the three
376
The person to whom goods are sold on credit is called___________?
ABuyer
BSeller
CDebtor
DCreditor
377
Modern system of book keeping is called______________?
ADouble entry system
BAmerican system
CSingle entry system
DItalic system
378
Goods Return by the customer are termed as :
APurchase return
BCustomer return
CSales return
DInventory return
379
The maintenance of accounts in a systematic way is called__________?
AAccounting
BReading
CBook Keeping
DAuditing
380
An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?
AAccounting
BAccountancy
CAuditing
DBook Keeping