Accounting MCQs

1590 MCQs  (Page 34 of 159)

Attempt Accounting MCQs Quiz
___________ 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
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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
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In bank reconciliation statement the amount of outstanding checks is added to ________ balance of cash book.
A. adjusted
B. unadjusted
C. understated
D. overstated
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Which of the following error results in unadjusted cash book balance?
A. outstanding checks
B. unpresented checks
C. deposit in transit
D. omission of bank charges
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_________ Checks that are presented to bank but not yet credited by the bank.
A. unpresented checks
B. uncredited checks
C. outstanding checks
D. bounced checks
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Favorable balance of bank statement implies that
A. credit balance
B. debit balance
C. bank overdraft
D. adjusted balance
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Transferring entries from journal to ledger account is commonly known as____________?
A. recording
B. transferring
C. posting
D. entry making
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An account records the ___________ in the balance of an item?
A. increase
B. decrease
C. increase or decrease
D. appreciation
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If credit side of a bank account is greater than the debit side, it indicates which of the following?
A. bank overdraft
B. cash at bank
C. bank balance
D. current asset
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If debit side of a bank account is greater than credit side it indicates which of the following?
A. cash at bank
B. bank understatement
C. bank overdraft
D. balance overstatement
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Word of the Day
15 Jul
Iterate
perform or utter repeatedly.
دہرانا، چکر

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