A. Payee
B. Payer
C. Bank
D. Seller
Related Mcqs:
- Trial balance is prepared to check accuracy of_______________?
A. Ledger accounts balances
B. Balance sheet balances
C. Income statement balances
D. Cash flow statement balances - If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.
A. Arithmetic accuracy
B. Errors of commission
C. Omissions of economic events
D. Understatements of balances - A check returned by bank marked “NSF” means that:
A. Bank can’t verify your identity
B. There are not sufficient funds in your account
C. Check has been forged
D. Check can’t be cashed being illegal - Drawings by owner of business are generally recorded on which of the following side of a cash book?
A. Receipts
B. Payments
C. Incomes
D. Expenditures - A chart of accounts generally start with which of the following types of accounts?
A. Assets accounts
B. liability accounts
C. Cash accounts
D. Revenue accounts - 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 - Closing stock is generally valued at______________?
A. Cost Price
B. Market Price
C. Cost price or Market price whichever is higher
D. Cost price or Market price whichever is lower - Revenue is generally recognized as being earned at that point of time when?
A. sale is effected
B. cash is received
C. production is completed
D. debts are collected - Generally the term fund is used to mean the difference between?
A. Current assets and current liabilities
B. Profit and loss A/C and Balance sheet
C. Current assets and non-current liabilities
D. Current liabilities and non-current liabilities - How many parties are generally found in a Bill of Exchange?
A. 4
B. 2
C. 3
D. 5
