Accounting Quiz 7
1 / 50
In the books of the drawer, the accounting treatment involved on receipt of a bill of exchange duly accepted by the drawee is? i. Debit Bills Receivable Account ii. Debit Drawee?s Account iii. Credit Drawee?s Account
2 / 50
The drawer of a trade bill passes relevant entries with regard to the transaction involved in it. But, in case of an accommodation bill, he passes an entry in addition to the usual entries. The additional entry so passed is with respect to
3 / 50
Closing entries are generally passed:
4 / 50
Uncollected checks also referred as______________?
5 / 50
In bank reconciliation statement the amount of outstanding checks is added to ________ balance of cash book.
6 / 50
Which of these is not an operating income?
7 / 50
Riaz holds an average inventory of 36,000(CP) with an inventory turnover of 5 times. If the firm makes a gross profit of 25% on sales, find the total sales of the company.
8 / 50
Which of the following is not a contingent liability?
9 / 50
From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission @ 11% after charging such commission.
10 / 50
Favorable balance of bank statement implies that
11 / 50
Which of these is not an essential feature of a bill of exchange?
12 / 50
_________ Checks that are presented to bank but not yet credited by the bank.
13 / 50
The noting charges levied on dishonour of an endorsed bill by the Notary Public are to be borne by
14 / 50
Arrangement of Balance Sheet in a logical order is known as __________?
15 / 50
X draws a Bill of Exchange on Y for 10,000 on 1-1-2013 for 3 months. The due date of the bill will be_________?
16 / 50
Accommodation bills are generally for?
17 / 50
Standing orders are ________
18 / 50
From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission 11% before charging such commission
19 / 50
Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).
20 / 50
Negotiable Instrument Act was enacted in_________?
21 / 50
Closing stock appearing in the Trial Balance is shown in:
22 / 50
Carriage on goods purchased is shown in:___________?
23 / 50
A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is?
24 / 50
Which of these are not required in a promissory note?
25 / 50
$5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.
26 / 50
A cash deposit made by business appears on the bank statement as _______ balance?
27 / 50
Depreciation Account appearing in the Trial Balance is shown in:
28 / 50
How many parties are generally found in a Bill of Exchange?
29 / 50
Bank sent debit advice of $500 to company being interest on overdraft. It wasn?t entered in cash book. Identify the correct adjustment in cash book.
30 / 50
Find the value of opening stock from the following data. Purchases 1,50,000, Closing stock 30,000 Sales 2,20,000, Gross profit 40,000.
31 / 50
A company was entered in hire purchase agreement and had to pay $1000 per month. Three payments were made via bank account but no entry was found in cash book. Identify the correct adjustment in cash book
32 / 50
When bill discounted with the bank is dishonored?
33 / 50
Cash book records:______________?
34 / 50
Cash book is prepared by____________?
35 / 50
Balance as per cash book(adjusted.=$1000, Unpresented checks=$2000, Uncredited checks=$500, Deposit in transit=$500. Compute the balance as per bank statement.
36 / 50
Bank reconciliation statement is prepared by____________?
37 / 50
A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book?
38 / 50
Unpresented checks also referred as____________?
39 / 50
A check returned by bank marked ?NSF? means that:
40 / 50
Which of the following are current assets of a business? i. Income received in advance ii. Stock iii. Debtors iv. Pre-paid expenses
41 / 50
Favorable balance of cash book implies that
42 / 50
Which of the following error results in unadjusted cash book balance?
43 / 50
In the Bank reconciliation statement ?Deposit in transit? is usually:
44 / 50
An entry which is made on both sides of a cash book is called__________?
45 / 50
Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book?
46 / 50
Profit on sale of old plant is:___________?
47 / 50
A foreign bill of exchange is generally drawn up in___________?
48 / 50
Under which of the following situations, is journal entry not passed in the books of the drawer?
49 / 50
Which of the following is not a feature of a promissory note?
50 / 50
___________ are checks that are issued by the business but not yet presented to bank
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