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

Question # 1

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

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Question # 2

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

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Question # 3

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

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Question # 4

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

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Credited

Debited

Both debited & credited

None of these

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Question # 5

When cash is received from debtor or customer, generally a receipt is issued to the debtor which is called

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Payment voucher

Receipt voucher

Cash voucher

None of these

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Question # 6

A cash account always shows

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Debit balance

Credit balance

Both debit and credit balance

Nil balance

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Question # 7

Credit purchases are recorded in

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Purchases book

Creditors book

Cash book

Purchases returns book

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Question # 8

The favorable balance of bank statement is

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Credit balance

Debit balance

Zero balance

All of these

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Question # 9

.The cash book is a

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Subsidiary journal

Ledger account

Subsidiary journal and ledger

Trial balance

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Question # 10

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

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Question # 11

Our cheque to Ali & Bros, returned dishonored should be credited to

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Cheque account

Cash account

Bank account

Ali & Bros account

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