Category: Accounting Mcqs

A. The Trial Balance will not agree
B. The balance of creditors is understated
C. The purchases are understated 
D. The favorable bank balance as per Pass Book is less than the Bank balance as per Cash book 

A. Increase in working capacity of an asset
B. Reduction in operating costs
C. Replacing damaged parts of an asset 
D. Both A. and
C. above 

A. Journal entry
B. Multi entry
C. Additional entry 
D. Compound entry

A. Mistake in Cash Book 
B. Mistake in Pass Book
C. Cheque issued but not presented for payment
D. Cheques deposited but not cleared

A. Purchase return
B. Customer return 
C. Sales return 
D. Inventory return

A. Equity
B. Sale return 
C. Inventory 
D. Purchases

A. Yes 
B. No 
C. Transactions can’t be omitted
D. none of these

A. If a Trial Balance tallies, it always means that none of the transactions has been completely omitted
B. A Trial Balance will not tally if a transaction is omitted
C. A customer to whom goods have been sold on credit cannot avail himself of a cash discount 
D. A credit balance in the Pass Book indicates excess of deposits over withdrawals 

A. The drawer of the bill 
B. The person responsible for dishonour 
C. The holder of the bill
D. The endorser of the bill 

A. Credit balance of Provision for Bad Debts Account 
B. Debit balance of Provision for Bad Debts Account 
C. Debit balance of Bad Debts Account
D. Debit balance of Discount on Debtors Account