Cash Book MCQs 2

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MCQs 1 To 10

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1. When goods are purchased for cash, the entry will be recorded in the?

(a) Cash book

(b) Purchases book

(d) None

Correct! Wrong!

2. The balance of petty cash is?

(a) An asset

(b) A liability

(d) An income

Correct! Wrong!

3. All of the following are not considered cash except?

(a) Postage and stamps

(b) Securities

(d) Cheque

Correct! Wrong!

4. Entry representing the reversal or cancellation of an entry on the other side is called?

(a) Closing entry

(b) Contra entry

(d) Adjusting entry

Correct! Wrong!

5. The debit side discount column of three column cash book is called?

(a) Trade discount

(b) Cash discount

(d) Discount received

Correct! Wrong!

6. The total of the ‘Discounts Allowed’ column in the Cash Book is posted to?

(a) The debit of the Discounts Received account

(b) The debit of the Discounts Allowed account

(d) The credit of the Discounts Received account

Correct! Wrong!

7. Cash discount is provided?

(a) Early payment

(b) Late payment

(d) Bulk sales

Correct! Wrong!

8. Which of the following explains the imprest system of operating petty cash?

(a) Weekly expenses cannot exceed a set amount

(b)The exact amount of expenses is reimbursed at intervals to maintain a fixed float

(d) Regular equal amounts of cash are transferred into petty cash at intervals

Correct! Wrong!

9. Which of the following payment is made from petty cash?

(a) Purchase of non-current asset

(b) Payment to creditors

(d) Payment of postage & telegrams

Correct! Wrong!

10. Which of the following transactions does not decrease cash?

(a) Purchasing inventory for cash

(b) Accruing operating expenses

(d) Purchasing securities that are not cash equivalents

Correct! Wrong!

Cash Book II (1-10)

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>>> Read theory of Cash Book.

MCQs 11 To 20

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11. The cash book called?

(a ) Dual Book

(b) Journalized ledger

(d) All of before

Correct! Wrong!

12. The Debit balance of cash book indicates?

(a) Net income

(b) Cash in hand

(d) None

Correct! Wrong!

13. In triple column cash book, cash withdrawn from bank for office use will appear in?

(a) Both sides of the cash book

(b) Debit side of the cash book only

(d) All of above

Correct! Wrong!

14. If a cheque sent for collection is dishonored, the debit is given to?

(a) Suppliers A/c

(b) Bank A/c

(d) All of above

Correct! Wrong!

15. Petty cash may be used to pay?

(a) Salaries to staff

(b) Expenses relating to post and telegrams

(d) All of Above

Correct! Wrong!

16. The discount column of a triple column cash book records?

(a) Trade discount

(b) Cash discount

(d) Seasonal discount

Correct! Wrong!

17. In which books of prime entry would the following transactions be entered? A credit sale for Rs. 387 and a cash sale of Rs. 200 less 10% discount for cash payment

(a) Sales day book and cash book

(b) The petty cash book and sales day book

(d) The journal and cash book

Correct! Wrong!

18. On Jan 1st 2002, Rs. 1,000 given to petty cashier, he has spent Rs.860 during the month of January. On Feb 1st to make the imprest he will receive cheque for Rs.______________?

(a) Rs. 1,000

(b) Rs. 860

(d) None

Correct! Wrong!

19. When cash is drawn from bank for business use the entry type will be?

(a) Contra entry

(b) Compound entry

(d) Double entry

Correct! Wrong!

20. All of the following are other receivables except?

(a) Income taxes refundable

(b) Accrued revenue

(d) Advances to employees

Correct! Wrong!

Cash Book II (11-20)

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>> Practice Three Column Cash Book Problems and Solutions.

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References

Mukharji, A., & Hanif, M. (2003). Financial Accounting (Vol. 1). New Delhi: Tata McGraw-Hill Publishing Co.

Narayanswami, R. (2008). Financial Accounting: A Managerial Perspective. (3rd, Ed.) New Delhi: Prentice Hall of India.

Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.

1 Comment

Resheena on December 2, 2022 at 1:10 pm

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Cash Book MCQs 2

MCQs 1 To 10

Click The Option and See Result

1. When goods are purchased for cash, the entry will be recorded in the?

2. The balance of petty cash is?

3. All of the following are not considered cash except?

4. Entry representing the reversal or cancellation of an entry on the other side is called?

5. The debit side discount column of three column cash book is called?

6. The total of the ‘Discounts Allowed’ column in the Cash Book is posted to?

7. Cash discount is provided?

8. Which of the following explains the imprest system of operating petty cash?

9. Which of the following payment is made from petty cash?

10. Which of the following transactions does not decrease cash?

MCQs 11 To 20

Click The Option and See Result

11. The cash book called?

12. The Debit balance of cash book indicates?

13. In triple column cash book, cash withdrawn from bank for office use will appear in?

14. If a cheque sent for collection is dishonored, the debit is given to?

15. Petty cash may be used to pay?

16. The discount column of a triple column cash book records?

17. In which books of prime entry would the following transactions be entered? A credit sale for Rs. 387 and a cash sale of Rs. 200 less 10% discount for cash payment

18. On Jan 1st 2002, Rs. 1,000 given to petty cashier, he has spent Rs.860 during the month of January. On Feb 1st to make the imprest he will receive cheque for Rs.______________?

19. When cash is drawn from bank for business use the entry type will be?

20. All of the following are other receivables except?

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