Accounting MCQ Questions and Solutions with Explanations

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7 Section 8 Section 9 Section 10 Section 11 Section 12 Section 13 Section 14 Section 15 Section 16 Section 17 Section 18 Section 19 Section 20 Section 21 Section 22 Section 23 Section 24 Section 25

11.
The closing balance of petty cash book is considered as

A. Liability

B. Asset

C. Expenses

D. Income

Answer & Solution Discuss in Board Save for Later

12.
Payment of rent expenses is recorded on which side of cash book?

A. Receipts

B. Payments

C. Income

D. Expense

Answer & Solution Discuss in Board Save for Later

13.
An entry which is made on both sides of a cash book is called

A. Cash entry

B. Contra entry

C. Payment entry

D. Compound entry

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14.
A cash book with cash, bank and discount column is commonly referrred to as

A. Cash book

B. Two columns cash book

C. Three columns cash book

D. Petty cash book

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15.
Cash book records

A. Cash payments

B. Cash Receipts

C. Cash payments and cash receipts

D. Neither cash payments nor cash receipts

Answer & Solution Discuss in Board Save for Later

16.
Cash discount is allowed on ______ repayment of debt

A. Lump sum

B. Prompt

C. Actual

D. None of them

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17.
Cash book is prepared by

A. Bank

B. Accountant of business

C. Manager of a company

D. Bank's cashier

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18.
The most common imprest system is the ______ system

A. Petty cash

B. Cash book

C. Cash receipts journal

D. Discount

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19.
Discount received is recorded on which of the following side of a cash book?

A. Receipts

B. Payments

C. Income

D. Expenditure

Answer & Solution Discuss in Board Save for Later

20.
Drawings by owner of business are generally recorded on which of the following side of a cash book?

A. Receipts

B. Payments

C. Incomes

D. Expenditures

Answer & Solution Discuss in Board Save for Later

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Accounting MCQ Questions and Solutions with Explanations | Commerce

11. The closing balance of petty cash book is considered as

Answer & Solution

12. Payment of rent expenses is recorded on which side of cash book?

Answer & Solution

13. An entry which is made on both sides of a cash book is called

Answer & Solution

14. A cash book with cash, bank and discount column is commonly referrred to as

Answer & Solution

15. Cash book records

Answer & Solution

16. Cash discount is allowed on ______ repayment of debt

Answer & Solution

17. Cash book is prepared by

Answer & Solution

18. The most common imprest system is the ______ system

Answer & Solution

19. Discount received is recorded on which of the following side of a cash book?

Answer & Solution

20. Drawings by owner of business are generally recorded on which of the following side of a cash book?

Answer & Solution

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11.
The closing balance of petty cash book is considered as

12.
Payment of rent expenses is recorded on which side of cash book?

13.
An entry which is made on both sides of a cash book is called

14.
A cash book with cash, bank and discount column is commonly referrred to as

15.
Cash book records

16.
Cash discount is allowed on ______ repayment of debt

17.
Cash book is prepared by

18.
The most common imprest system is the ______ system

19.
Discount received is recorded on which of the following side of a cash book?

20.
Drawings by owner of business are generally recorded on which of the following side of a cash book?