Cash received from debtors would be deemed as___________of funds.

Related Mcqs:

1. If Cash=$1000 inventories=$4000 Debtors=$5000 fixed assets=? Capital+Liabilities=$15000 What is the Amount of total assets?

   A. $5000
   B. $10,000
   C. $15,000
   D. $20,000

2. Sundry debtors as per Trial Balance is 43,000 which includes 2,200 due from ‗H in respect of goods sent to him on approval basis, the cost price of which is 1,800. Rectification would involve:

   A. Adding 2,200 to closing stock
   B. Deducting 1,800 from closing stock and deducting 2,200 each from debtors and sales
   C. Adding 1,800 to closing stock and deducting 2,200 each from debtors and sales
   D. Deducting 1,800 from debtors

3. 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?

   A. $2000 will be debited in cash book
   B. $2000 will be credited in cash book
   C. $4000 will be debited in cash book
   D. $4000 will be credited in the cash book

4. Cash received from debtor is recorded in which of the following SPECIALIZED journals?

   A. Purchase journal
   B. Sales journal
   C. Cash receipts
   D. Cash payments journal

5. Cash received for services rendered will______________?

   A. Increase cash and liability
   B. Increase equity and liability
   C. Increase fixed assets and cash
   D. Increase cash and equity

6. During the accounting period, sales revenue is Rs. 25,000 and accounts receivable increases by Rs. 8,000. What will be the amount of cash received from customers for the period?

   A. Rs. 33,000
   B. Rs. 25,000
   C. Rs. 17,000
   D. Rs. 8,000

7. Discount received is recorded on which of the following side of a cash book?

   A. Receipts
   B. Payments
   C. Incomes
   D. Expenditures

8. $5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.

   A. $5000 will be credited
   B. $5000 will be debited
   C. $10,000 will be credited
   D. $10,000 will be debited

9. 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

10. A cash book with cash, bank and discount column is commonly referred as________?

    A. Cash book
    B. Two columns cash book
    C. Three columns cash book
    D. Petty cash book