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

31.
Bank Reconciliation statement is the comparision of a bank statement (sent by bank) with the

A. Cash receipt journal

B. Cash payment journal

C. Cash book

D. Financial statements

Answer & Solution Discuss in Board Save for Later

32.
A cheque returned by bank marked "NSF" means that

A. Bank can't verify your identity

B. There are not sufficient funds in your account

C. Cheque has been forged

D. Cheque can't be cashed being illegal

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33.
Bank Reconciliation statement is prepared by

A. Accountant of business

B. Manager of business

C. Controller of business

D. Accountant of the bank

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34.
Unpresented cheques are also referred to as

A. Uncollected cheques

B. Uncredited cheques

C. Outstanding cheques

D. Bounced cheques

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35.
_______ are cheques that are issued by the business but not yet presented to bank for payment

A. Uncollected cheques

B. Uncredited cheques

C. Outstanding cheques

D. Bounced cheques

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36.
Accrued expenses are considered as

A. Asset

B. Liability

C. Gain

D. Income

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37.
Prepaid expenses are considered as

A. Asset

B. Liability

C. Loss

D. Capital

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38.
Earned but not yet received income is treated as

A. Asset

B. Liability

C. Loss

D. Capital

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39.
Revenue earned but not yet received by the business is known as

A. Contra asset revenue

B. Accrued expenses

C. Accrued revenue

D. Unearned revenue

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40.
Which of the following is not regarded as the fundamental concept that is identified by IAS-1?

A. The going concern concept

B. The separate entity concept

C. The prudence concept

D. Correction concept

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Accounting MCQ Questions and Solutions with Explanations | Commerce

31. Bank Reconciliation statement is the comparision of a bank statement (sent by bank) with the

Answer & Solution

32. A cheque returned by bank marked "NSF" means that

Answer & Solution

33. Bank Reconciliation statement is prepared by

Answer & Solution

34. Unpresented cheques are also referred to as

Answer & Solution

35. _______ are cheques that are issued by the business but not yet presented to bank for payment

Answer & Solution

36. Accrued expenses are considered as

Answer & Solution

37. Prepaid expenses are considered as

Answer & Solution

38. Earned but not yet received income is treated as

Answer & Solution

39. Revenue earned but not yet received by the business is known as

Answer & Solution

40. Which of the following is not regarded as the fundamental concept that is identified by IAS-1?

Answer & Solution

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31.
Bank Reconciliation statement is the comparision of a bank statement (sent by bank) with the

32.
A cheque returned by bank marked "NSF" means that

33.
Bank Reconciliation statement is prepared by

34.
Unpresented cheques are also referred to as

35.
_______ are cheques that are issued by the business but not yet presented to bank for payment

36.
Accrued expenses are considered as

37.
Prepaid expenses are considered as

38.
Earned but not yet received income is treated as

39.
Revenue earned but not yet received by the business is known as

40.
Which of the following is not regarded as the fundamental concept that is identified by IAS-1?