Accounting Miscellaneous
A cheque returned by bank marked “NSF” means that
Bank can’t verify your identity
There are not sufficient funds in your account
Cheque has been forged
Cheque can’t be cashed being illegal
There are not sufficient funds in your account
A cheque returned by bank marked “NSF” means that There are not sufficient funds in your account. Non-sufficient funds (NSF) is a term used in the banking industry to indicate that a cheque cannot be honored because insufficient funds are available in the account on which the instrument was drawn.
There are not sufficient funds in your account A cheque returned by bank marked “NSF” means that There are not sufficient funds in your account. Non-sufficient funds (NSF) is a term used in the banking industry to indicate that a cheque cannot be honored because insufficient funds are available in the account on which the instrument was drawn.
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The following is (are) the type(s) of JournalA. Purchase Journal
B. Sales Journal
C. Cash Journal
D. All of the above
Which of the following will be debited if a business purchases goods on credit?
A. Cash
B. Debtor
C. Creditor
D. Purchases
Information about an item is _______ if its ommission or misstatement might influence the financial decision of the users taken on the basis of that information
A. Concrete
B. Complete
C. Immaterial
D. Material
Favourable balance of cash book implies
A. Credit balance of cash book
B. Debit balance of cash book
C. Bank overdraft
D. Adjusted balance of cash book
How trial balance shows the accumulated depreciation?
A. as a debit item
B. as a credit item
C. It doesn’t show
D. None of these
Which of the following is a commonly used base to create the provision for doubtful debts?
A. Total purchases
B. Total credit sales
C. Total current assets
D. Total current liabilities
The real accounts are accounts of Assets, Liabilities and
A. Expenses
B. Revenues
C. Capital
D. Drawing
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