Cash received for services rendered will______________?

Related Mcqs:

1. 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

2. 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

3. Cash received from debtors would be deemed as___________of funds.

   A. No flow
   B. Sources
   C. Uses
   D. Gain

4. 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

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

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

6. Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book?

   A. Bank charges will be debited in cash book
   B. Bank charges will be added to cash book balance
   C. Bank charges will be credited in cash book
   D. Bank charges need no adjustment in cash book

7. A company was entered in hire purchase agreement and had to pay $1000 per month. Three payments were made via bank account but no entry was found in cash book. Identify the correct adjustment in cash book

   A. $1000 will be added to cash book balance
   B. $2000 will be deducted from cash book balance
   C. $3000 will be added to cash book balance
   D. $3000 will be subtracted from cash book balance

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