Accounting Mcqs


Q.  Which of the following is not a feature of a promissory note?

a. It must be in writing
b. It contains an unconditional promise to pay
c. It is payable to the bearer
d. It must be signed by the maker


ANSWER: See Answer
 
According to the Negotiable Instrument Act, promissory note is not payable to the bearer. It must contain an order to pay. So this is not the characteristic of promissory note. Other options are the characteristics of promissory note.
MCQs:  In bank reconciliation statement the amount of outstanding checks is added to ________ balance of cash book.
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MCQs:  Which of the following error results in unadjusted cash book balance?
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MCQs:  _________ Checks that are presented to bank but not yet credited by the bank.
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MCQs:  Favorable balance of bank statement implies that
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MCQs:  Balance as per cash book(adjusted.=$1000, Unpresented checks=$2000, Uncredited checks=$500, Deposit in transit=$500. Compute the balance as per bank statement.
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MCQs:  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
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MCQs:  $5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.
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MCQs:  An entry which is made on both sides of a cash book is called__________?
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MCQs:  Cash book records:______________?
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MCQs:  Cash book is prepared by____________?
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MCQs:  Discount received is recorded on which of the following side of a cash book?
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MCQs:  The closing balance of petty cash book is considered as_________?
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MCQs:  A credit balance in cash book indicates?
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MCQs:  Petty cash fund is supposed to be replenished?
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MCQs:  Postdated checks are considered as__________?
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MCQs:  Which of the following is generally not the party to a check?
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MCQs:  Cash book with cash and discount column is mostly referred as________?
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MCQs:  A simple or one column cash book usually has which of the following main columns?
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MCQs:  Purchase of office equipment for cash will be recorded on which of the following sides of a cash book?
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MCQs:  Postage stamps on hand are considered as_________?
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