Question # 1

Credit Balance of pass book must be equal to debit balance of

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Cash Book

Bank Ledger

Clients other Account

None of these

The excess of gross profit on sale over total operating expenses is called:

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Cost of goods sold

Gross profit

Net profit

None-operating income

A cash account always shows

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Debit Balance

Credit Balance

Both a and b

Nil Balance

An Entry which is recorded on the both sides of cash book is called

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Simple Entry

Compound Entry

Combined Entry

Contra Entry

The book in which all cash transactions are primarily recorded is called

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Cheque Book

Pass Book

Cash Book

Finance Book

Cheques issued to a creditor but not presented for payment are called

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Un Credited Cheques

Uncollected Cheques

Un Presented Cheques

Dishonoured Cheques

Discount deducted from the catalogue or list price is called:

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Trade discount

Cash discount

Catalogue discount

Credit discount

When saleable goods are bought in a business are called:

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Sales

Purchase

Assets

Goods

The cash book is a

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Subsidiary Journal

Ledger Account

Subsidiary Journal and Ledger

Trial Balance

When boan statement shown a debit total balance it means:

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Overdraft as per cash book

Unfavourable balance as per cash book

Favourable balance as per cash book

Overdraft as per bank statement

The document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called:

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Receipt voucher

Payment voucher

Cash voucher

Cash memo

Bank Reconciliation represents

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A Journal

A Ledger

A Statement

both a and c

Book used to record petty expenses and receipts

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Single Column Cash Book

Petty Cash Book

Double Column Cash Book

Treble Column Cash Book

In form journal, the first column represents:

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Ledger Folio

Data

Amount

Debit

Our cheque to Babar & Bros, returned dishonoured should be credited to

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Cheque Account

Cash Account

Bank Account

Babar & Bros A/c

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Principles of accounting Icom Part 1 English Medium Chapter 4 Online Test MCQs With Answers

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