Accounting Practice MCQ Page 44
Multiple Choice questions for Accounting in the sets of 10 each on one page with questions and answers. All sets are useful in the preparation of subject tests for employment or admission.
Question: 4207 At the end of the financial year, once the balances on the control account are agreed with the total balances from their respective ledgers, they should appear in the balance sheet as
- fictitious assets and debentures
- debtors' and creditors' balance
- fixed assets and long term liabilities
- fixed assets and share capital
Question: 4210 A cheque received which has now been dishonored should be entered on the
- debit side of the purchase control account
- credit side of the purchase control account
- credit side of the sales control account
- debit side of the sales control account
Question: 4217 Assuming that it reconciles with the cash book, a credit balance on a bank statement on the 31st December would appear in the balance sheet as a
- current asset
- current liability
- fixed asset
- long term liability
Question: 4220 when the monthly bank statement is out which one of the following would appear?
- cheques written but not yet presented for payment
- credit transfer received from customers
- payment into the band not yet credited
- A sales ledger balance written off as a bad debt
Question: 4224 which one of the following be entered in the cash book and not on the bank statement ?
- Bank charges
- A dishonored cheque
- payments into the bank but not yet credited
- A credit transfer received from a customer
Question: 4225 when drawing up a bank reconciliation statement, if you start with a debit balance as per the bank statement, the unrepresented cheques should be
- added
- subtracted
- multiplied
- divided
Question: 4228 when drawing up a bank reconciliation statement, if you start with a debit balance in the cash book , bank charges should be
- added
- subtracted
- multiplied
- divided
Question: 4233 The petty cash is kept on the IMPREST system and the balance at the start of the month is Rs. 1,000. If petty cash expenses during the month of Rs.720 are incurred, the amount received from the cashier at the start of the the next month should be
- Rs.280
- Rs.720
- Rs.1,000
- Rs.1,720
Question: 4234 The main purpose of petty cash is
- to pay employees wages
- to pay suppliers for their goods
- as change for the till
- to pay small day to day business expenses
Question: 4236 Under the immprest system the petty cash is
- increased every week
- reduced every week
- always restored to the original amount
- used up completely before being restored
Question: 4237 A receipts and payments account is similar to
- an income and expenditure account
- a statement of affairs
- a cash or bank account
- a profit and loss account
Question: 4238 A club's income and expenditure account performs the same function as a firm's
- trading profit and loss account
- balance sheet
- bank account
- petty cash book
Answers to the questions of Accounting on this page
Following list gives the correct choice for the answer of the Accounting mcqs.
4207 . B
4210 . D
4217 . A
4220 . B
4224 . C
4225 . A
4228 . B
4233 . B
4234 . D
4236 . C
4237 . C
4238 . A
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