Question # 1

Bank reconciliation statement is prepared by

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Banker

Customer's accountant

Auditors

Manager

Unfavorable balances mean

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Credit balance in the pass book

Credit balance in the cash book

Debit balance in bank statement

Both b & c

It is used to record cash, bank and discount transactions on debit and credit side

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Single column cash book

Petty cash book

Double column cash book

Treble column cash book

Received a cheque from Bilal Rs. 1900 in ful settlement of his debt Rs. 2000 should be debited to

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Cash account

Discount allowed account

Bank account

Both a & b

All cash purchases and cash sales are recorded in

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Cash book

Purchases book

Sales book

Purchases and sales book

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

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Pass book

Cheque book

Finance book

Cash book

The favorable balance of cash book bank column is

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Credit balance

Debit balance

Both debit and credit balance

None of these

The favorable balance of bank statement is

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Credit balance

Debit balance

Zero balance

All of these

Credit purchases are recorded in

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Purchases book

Creditors book

Cash book

Purchases returns book

A 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

Cash voucher

payment voucher

Cash memo

A statement which is used to reconcile the bank balance as per cash book with the balance as per pass book is called

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Bank statement

Income statement

Bank reconciliation statement

Financial statements

When cheque received, and deposited into bank, bank account must be

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Credited

Debited

Both debited & credited

None of these

A cash account always shows

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Debit balance

Credit balance

Both debit and credit balance

Nil balance

The money can be deposited into bank by means of

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Cash book

Cheque book

Pay-in-slip book

Pass book

It is used to record only cash receipts and payments

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Single column cash book

Double column cash book

Treble column cash book

Sales book

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Principles of accounting Icom Part 1 English Medium Chapter 8 Online Test MCQs With Answers

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