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WorksheetsAccounts & Financial Institutions
Total questions: 11
Worksheet time: 4mins
What symbol is used to identify a contra entry?
PL
GL
C
SL
What does a contra entry means as it relates to cashbook?
This is when an item is sold for cash
This is when an item is bought with cash
This is when an entry affects both cash and bank accounts
This is when an item was sold and returned for cash
Cash sales. What would be the effect in the cash book?
Debit Sales with Cash
Credit Sales with cash
A petty cash book is not an example of a type of cash book:
True
False
Paid rent with cheque. What is the entry in the cash book?
Debit Rent account with bank
Credit Rent account with Bank
Debits Rent account with Cash
Credit Rent account with Cash
Paid Cash in Bank. How would the entry be affected?
Debit the Cash Account; Credit the Bank Account
Debit the Bank Account; Credit the Cash Account
Debit the Cash Account; Debit the Bank Account
Credit the Cash Account; Credit the Bank Account
Which of the following is not a heading in the two column cash book?
Date
Folio
Discount Received
Details
What would be the effect on a discount received and discount allowed?
Debit Discount Received: Credit Discount Allowed
Credit Discount Received: Debit Discount Allowed
Debit Discount Received: Debit Discount Allowed
Credit Discount Received: Credit Discount Allowed
Which cheque contains two parallel lines at the top left or right?
Stale Dated
Post-Dated
Crossed
Counter
Which of the following is an Advantages of using a
Cash Book?
Reduces the number of entries in the ledger
book.
It is used to enter cash and credit transactions.
It gives the Total Debtors details
Which of the following is recorded in a Two column Cash book
Cash Transactions only
Cash and Bank transactions
Cash and Credit transactions
