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Financial
Accounting Multiple Choice Questions (MCQS) Page 7. The Following Financial
Accounting Mcqs are Collected from different Past papers and from Accounting
Mcqs Bank. These Mcqs are very helpful for the Preparation of
various posts of Senior Auditor, Junior Auditor, Accountant and for
Cost Accountant.
Book of original entries - Cash book MCQs |
1)
|
The
closing balance of petty cash book is considered as
|
A) Liability
|
B) Asset
|
C) Expenses
|
D) Income
|
2)
|
Payment
of rent expenses is recorded on which side of cash book?
|
A) Receipts
|
B) Payments
|
C) Income
|
D) Expense
|
3)
|
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
|
4)
|
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
|
5)
|
Cash
book records
|
A) Cash payments
|
B) Cash receipts
|
C) Cash payments and cash receipts
|
D) Neither cash payments nor cash receipts
|
6)
|
Cash
discount is allowed on _______ repayment of debt
|
A) Lump sum
|
B) Prompt
|
C) Actual
|
D) None of them
|
7)
|
Cash
book is prepared by
|
A) Bank
|
B) Accountant of business
|
C) Manager of a company
|
D) Bank's cashier
|
8)
|
The
most common imprest system is the ________ system
|
A) petty cash
|
B) Cash book
|
C) Cash receipt
|
D) Discount
|
9)
|
Discount
received is recorded on which of the following side of a cash book?
|
A) Receipts
|
B) Payments
|
C) Incomes
|
D) Expenditures
|
10)
|
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
|
11)
|
Introduction
capital by owner of business is recorded on which side of a cash book?
|
A) Receipts
|
B) Payments
|
C) Incomes
|
D) Expenditures
|
12)
|
Cash
book with cash and discount column is mostly referred as
|
A) Simple cash book
|
B) Two column cash book
|
C) Three column cash book
|
D) Petty cash book
|
13)
|
A
cash book that is used to record the small payments of cash is generally
referred as
|
A) Simple cash book
|
B) Two column cash book
|
C) Three column cash book
|
D) Petty cash book
|
14)
|
A
simple or one column cash book usually has which of the
following main columns?
|
A) Bank
|
B) Payments
|
C) Discount
|
D) Cash
|
15)
|
Purchase
of office equipment for cash will be recorded on which of the following sides
of a cash book?
|
A) Receipts
|
B) Payments
|
C) Incomes
|
D) Expenditures
|
16)
|
Postdated
checks are considered as
|
A) Cash
|
B) Bank balance
|
C) Accounts receivable
|
D) Cash reserve
|
17)
|
Postage stamps on hand are considered as
|
A) Bank
|
B) Prepaid expenses
|
C) Accounts receivable
|
D) Creditor
|
18)
|
Petty
cash fund is supposed to be replenished
|
A) Every day
|
B) Every half year
|
C) Every year
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D) At the end of every accounting period
|
19)
|
Which
of the following is generally not the party to a check?
|
A) Payee
|
B) Payer
|
C) Bank
|
D) Seller
|
20)
|
A
credit balance in cash book indicates
|
A) Bank balance
|
B) Cash at bank
|
C) Bank overdraft
|
D) Bank underdraft
|
Answers:
1 B 2 B 3 B 4 C 5 C 6 B 7 B 8 A 9 B 10 B 11 A 12 B
13 D 14 D 15
B 16 C 17 B 18 D 19 D 20 C.
|
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