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Q.1
Cash book with cash and discount column is mostly referred to as
Simple cash book
Two columns cash book
Three columns cash book
Petty cash book
Q.2
The most common imprest system is the ______ system
Petty cash
Cash book
Cash receipts journal
Discount
Q.3
Discount received is recorded on which of the following side of a cash book?
Receipts
Payments
Income
Expenditure
Q.4
Drawings by owner of business are generally recorded on which of the following side of a cash book?
Receipts
Payments
Incomes
Expenditures
Q.5
The real accounts are accounts of Assets, Liabilities and
Expenses
Revenues
Capital
Drawing
Q.6
If a transaction is completely omitted from the books of accounts, will it effect the agreement of Trial Balance?
Yes
No
Transactions can
Q.7
_______ are cheques that are issued by the business but not yet presented to bank for payment
Uncollected cheques
Uncredited cheques
Outstanding cheques
Bounced cheques
Q.8
Trial Balance is commonly prepared
Frequently during the year
At the end of an accounting period
At the end of a month
At the end of a year
Q.9
Which of the following will affect the agreement of a trial balance?
Complete omission of a transaction
Partial omission of a transaction
Error of principle
Compensating errors
Q.10
Revenue and expense accounts are referred to as
Nominal accounts
Real account
Cash account
Bank account
Q.11
Office equipment's account is classified as
Nominal accounts
Real account
Cash account
Capital account
Q.12
An entry which is made on both sides of a cash book is called
Cash entry
Contra entry
Payment entry
Compound entry
Q.13
A cash book with cash, bank and discount column is commonly referrred to as
Cash book
Two columns cash book
Three columns cash book
Petty cash book
Q.14
A cash book that is used to record the small payments of cash is generally referred to as
Simple cash book
Two columns cash book
Three columns cash book
Petty cash book
Q.15
Purchase of office equipment for cash will be recorded on which side of a cash book?
Receipts
Payments
Incomes
Expenditures
Q.16
The normal balance of capital account is
Credit balance
Debit balance
Cash balance
Neither debit nor credit balance
Q.17
The normal balance of asset account is
Credit balance
Debit balance
Cash balance
Neither debit nor credit balance
Q.18
Specialized journals are more adequate for which type of businesses?
Small businesses
Big businesses
Sole proprietorship
Partnership
Q.19
Transferring entries from journal to ledger account is commonly known as
Recording
Transferring
Posting
Entry making
Q.20
_______ is the common base for preparing a trial balance
Ledger accounts
General Journal
Specialized journals
Balance sheet
Q.21
Which of the following is true about a trial balance?
It lists down the balances of accounts
It lists down the balances of a balance sheet
It is a kind of financial statement
It is not a part of accounting cycle
Q.22
If debit balances = credit balances, trial balance only shows or checks the _________ and it does not indicate that no errors were made during recording and posting.
Arithmetic accuracy
Errors of commission
Omissions of economic events
Understatements of balances
Q.23
Which of the following account with normal balance is shown at the debit side of a trial balance?
Rent income account
Creditors account
Unearned income account
Cash account
Q.24
Which of the following are closed at the end of an accounting period?
Nominal accounts
Personal accounts
Real accounts
None of them
Q.25
Which of the following is the closing balance of a ledger account?
Balance c/d
Balance b/d
Balance e/d
Balance f/c
Q.26
Cash book records
Cash payments
Cash Receipts
Cash payments and cash receipts
Neither cash payments nor cash receipts
Q.27
Postdated cheques are considered as
Cash
Bank balance
Accounts receivable
Cash reserve
Q.28
The normal balance of liability account is
Credit balance
Debit balance
Cash balance
Neither debit nor credit balance
Q.29
Which of the following statements is incorrect regarding capital account?
Debit increases the capital account balance
Credit increases the capital account balance
Fresh capital increases the capital account balance
Net income increases the capital account balance
Q.30
An 'account' records the ______ in the balance of an item
Increase
Decrease
Increase or decrease
Appreciation
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