141. $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

142. An entry which is made on both sides of a cash book is called__________?
A. Cash entry
B. Contra entry
C. Payment entry
D. Compound entry

143. Cash book records:______________?
A. Cash payments
B. Cash receipts
C. Cash payments and cash receipts
D. Neither cash payments nor cash receipts

144. Cash book is prepared by____________?
A. Bank
B. Accountant of business
C. Manager of a company
D. Bank’s cashier

145. Discount received is recorded on which of the following side of a cash book?
A. Receipts
B. Payments
C. Incomes
D. Expenditures

146. The closing balance of petty cash book is considered as_________?
A. Liability
B. Asset
C. Expenses
D. Income

147. A credit balance in cash book indicates?
A. Bank balance
B. Cash at bank
C. Bank overdraft
D. Bank under draft

148. Petty cash fund is supposed to be replenished?
A. Every day
B. Every half year
C. Every year
D. At the end of every accounting period

149. Postdated checks are considered as__________?
A. Cash
B. Bank balance
C. Accounts receivable
D. Cash reserve

150. Which of the following is generally not the party to a check?
A. Payee
B. Payer
C. Bank
D. Seller

NOTE
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PLEASE COMMENT WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION IN COMMENT BOX.
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