The closing balance of petty cash book is considered as_________?
A. Liability
B. Asset
C. Expenses
D. Income
Accounting MCQs with Answers
A credit balance in cash book indicates?
A. Bank balance
B. Cash at bank
C. Bank overdraft
D. Bank underdraft
Petty cash fund is supposed to be replenished?
A. Every day
B. Every half year
C. Every year
D. At the end of every accounting period
Postdated checks are considered as__________?
A. Cash
B. Bank balance
C. Accounts receivable
D. Cash reserve
Which of the following is generally not the party to a check?
A. Payee
B. Payer
C. Bank
D. Seller
Cash book with cash and discount column is mostly referred as________?
A. Simple cash book
B. Two column cash book
C. Three column cash book
D. Petty cash book
A simple or one column cash book usually has which of the following main columns?
A. Bank
B. Payments
C. Discount
D. Cash
Purchase of office equipment for cash will be recorded on which of the following sides of a cash book?
A. Receipts
B. Payments
C. Incomes
D. Expenditures
Postage stamps on hand are considered as_________?
A. Bank
B. Prepaid expenses
C. Accounts receivable
D. Creditor
A cash book that is used to record the small payments of cash is generally referred as_________?
A. Simple cash book
B. Two column cash book
C. Three column cash book
D. Petty cash book
