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1.
A. Special entry
B. Original entry
C. Secondary entry
D. All of the above

Ans: (B) Original entry

 What is an entry made on both sides of a cashbook called?

1.
A. Contra entry
B. Compound entry
C. General entry
D. Double entry

Ans: (A) Contra entry

 On which side of the cashbook will you find the introduction of capital by the owner?

1.
A. Expenditure
B. Payments
C. Receipts
D. Income

Ans: (C) Receipts

 What does the balance on the debit side of the cashbook indicate?

1.
A. Credit balance as per the bank statement
B. The total amount is withdrawn from the bank
C. Total amount deposited in the bank
D. None of the above
 Ans: (A) Credit balance as per the bank statement

 What does the balance in the cash column indicate?

1.
A. Credit
B. Debit
C. Both of the above
D. None of the above

Ans: (B) Debit

 How many kinds of cashbooks are there?

1.
A. 4
B. 5
C. 2
D. 3

Ans: (D) 3 single column, double column, and triple column.

 If a company issues a cheque to pay the accounts payable, what will it be for?

1.
A. To increase the asset for the stakeholders
B. To increase the assets of the company
C. To decrease the assets and liabilities
D. To increase the liabilities for the stakeholders

Ans: (C) To decrease the assets and liabilities

 In which case will a transaction be treated as a contra entry?

1.
A. When the cash is received and deposited from the customer
B. When the cash is withdrawn from the bank for office uses
C. Both of the above
D. None of the above

Ans: (B) When cash is withdrawn from the bank for office uses

 What is a petty cashbook used for recording?

1.
A. Payment of petty cash expenses
B. Petty cash receipts
C. All cash payments
D. All of the above

Ans: (A) Payment of petty cash expenses

 What is a cashbook used for recording?

1.
A. All credit and cash sales
B. All the transactions that happen
C. All receipts and payments in cash
D. All of the above

Ans: (C) All receipts and payments in cash

 On which side of the cashbook will you record the office’s goods purchased in cash?

1.
A. Expenditure
B. Receipts
C. Payments
D. Incomes

Ans: (C) Payments

 In case of a cashbook contra entry which of these will not be considered a contra entry?

1.
A. Cash is withdrawn from the bank for personal use
B. Cash deposited to bank
C. Cash is withdrawn from the bank
D. All of the above

Ans: (A) Cash withdrawn from bank for personal use

 On which side of the cashbook is the cash received recorded?

1.
A. Debit side of the customer’s account
B. Credit side of the customer’s account
C. Debit side of the sales account
D. Credit side of the sales account

Ans: (B) Credit side of the customer’s account

 In which account is the regular total of Sales Return Journal posted?

1.
A. Goods account
B. Sales Return account
C. Sales account
D. Any of these

Ans: (B) Sales Return account

 Which of these is not recorded in the cashbook?

1.
A. Bad debts
B. Credit purchases
C. Trade discount
D. All of the above

Ans: (D) All of the above

 What does the credit in a bank account reflect in a cashbook?

1.
A. Cash deposited in the bank
B. Cash is withdrawn from the bank
C. Overdraft
D. None of the above

Ans: (A) Cash deposited in the bank

 If a business is already maintaining a cashbook, what does it not have to maintain?

1.
A. Sales Book
B. Journal Proper
C. Cash and bank accounts in the ledger
D. Purchase book

Ans: (C) Cash and bank accounts in the ledger

 What do you consider a postdated cheque as?

1.
A. Cash reverse
B. Accounts receivable
C. Bank balance
D. Cash

Ans: (B) Accounts receivable

 When is a petty cash fund supposed to be replenished?

1.
A. Every three months
B. Every half-year
C. Every year
D. At the end of every accounting period

Ans: (D) At the end of every accounting period

 What does a favourable balance of cashbook mean?

1.
A. Adjusted cashbook balance
B. Credit balance in the cashbook
C. Debit balance in the cashbook
D. Overdraft

Ans: (C) Debit balance in the cashbook

 Out of these, which one does not apply in the case of a cashbook?

1.
A. It is used for recording liabilities
B. It is used as a journalized ledger
C. It is used as a double purpose book
D. All of the above

Ans: (A) It is used for recording liabilities

 Where do you record the balance that is overdrawn in a cashbook?

1.
A. Debit side of the cashbook
B. Credit side of the cashbook
C. Shown separately
D. None of the above

Ans: (B) Credit side of the cashbook

 If you pay and receive a cheque from the bank on the same day, where would you record it?

1.
A. Cash column
B. Bank column
C. Both of these
D. None of these

Ans: (B) Bank column

 A Bank Reconciliation Statement is sent with

Ans: (D) Cashbook

 What is the other term used for unpresented cheques?

1.
1.
A. Bounced cheques
B. Uncollected cheques
C. Uncredited cheques
D. Outstanding cheques

Ans: (D) Outstanding cheques

 Where do you enter a cash discount received?

1.
A. Purchase
B. Sales
C. Payments
D. None of the above

Ans: (A) Purchase

 What do you consider postage stamps on hand as?

1.
A. Accounts receivable
B. Prepaid expenses
C. Both of the above
D. None of the above

Ans: (B) Prepaid expenses

1.
A. Cash
B. Bank
C. Discount
D. Payments

Ans: (A) Cash

 What do you call a cashbook with both a cash column and a discount column?

1.
A. Petty cashbook
B. Simple cashbook
C. Two-column cashbook
D. None of the above

Ans: (C) Two-column cashbook

 If you have a credit balance in a cashbook, what does it indicate?

1.
A. Bank under draft
B. Bank overdraft
C. Bank balance
D. Cash at bank

Ans: (B) Bank overdraft

 Who is responsible for preparing the cashbook?

1.
A. Banks cashier
B. Company’s manager
C. Company’s accountant
D. Bank
 Ans: (C) Company’s accountant

 When do you allow a cash discount?

1.
A. When a lump sum amount of money is paid
B. When there is prompt repayment of debt
C. Both of the above
D. None of the above

Ans: (B) When there is prompt repayment of debt

 On which side of the cashbook do you record the rent expenses?

1.
A. Income
B. Expenditure
C. Receipts
D. Payments

Ans: (D) Payments

 Out of the following, which one will you not record in a cashbook?

1.
A. Trade discount
B. Bad debts
C. Freight charges
D. Prepaid insurance

Ans: (B) bad Debts

 What does it mean when a bank returns a cheque and marks it as ‘NSF’?

1.
A. Insufficient balance in the account
B. Forged cheque
C. Cash denied due to illegal cheque
D. None of the above

Ans: (A) Insufficient balance in the account

 What do you call a cheque already issued by a company and is yet to be presented to the
bank?

1.
A. Uncredited Cheque
B. Uncollected Cheque
C. Bounced cheque
D. Outstanding cheque

Ans: (D) Outstanding cheque

 What do you call a cashbook that a business uses to record small payments?

1.
A. Petty cashbook
B. Simple cashbook
C. Single column cashbook
D. All of the above

Ans: (A) Petty Cashbook

 Do you record the interest and the bank charges in a cashbook column?

1.
A. Bank column
B. Cash column
C. Discount column
D. None of the above

Ans: (A) Bank column

 Out of these, which is the other account related to the cash account?

1.
A. Personal account
B. Nominal account
C. Real account
D. None of the above

Ans: (C) Real account

 In which kind of cashbook do you record a contra entry?

1.
A. Single column cashbook
B. Double column cashbook
C. Three column cashbook
D. Both Double and Three columns cashbook

Ans: (C) Three column cashbook

 What is the note sent by the buyer on the return of goods called?

1.
A. Debit note
B. Credit note
C. Return note
D. None of the above

Ans: (A) Debit note

 When do you make a recording in the purchases book?

1.
A. After adding the cash discount
B. After deducting the cash discount
C. After adding the trade discount
D. After deducting the trade discount

Ans: (D) After deducting the trade discount

 When do you record an opening entry?

1.
A. Any time of the year
B. At the beginning of an accounting year
C. In the middle of an accounting year
D. At the end of an accounting year

Ans: (B) At the beginning of an accounting year

 Out of these, which is not recorded in a cashbook?

1.
A. Opening cash balance
B. Cash receipts
C. Cash payments
D. Credit sales

Ans: (D) Credit sales

 A debit note is used as a source of writing for which of these?

1.
A. Journal proper
B. Sales return book
C. Debit entry for an account
D. None of the above

Ans: (C) Debit entry for an account

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