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

Question # 1

All cash purchases and cash sales are recorded in

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Cash book

Purchases book

Sales book

Purchases and sales book

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Question # 2

When cash is withdrawn from the bank for the personal use of the owner, must be debited to

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Cash account

Bank account

Drawings account

Capital account

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Question # 3

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

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Question # 4

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 # 5

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

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Question # 6

Bank reconciliation statement is prepared by

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Banker

Customer's accountant

Auditors

Manager

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Question # 7

A double column cash book is used to record

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Cash transactions only

Cash and bank transaction

Cash, bank and discount transaction

None of these

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Question # 8

Credit purchases are recorded in

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Purchases book

Creditors book

Cash book

Purchases returns book

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Question # 9

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 # 10

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 # 11

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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