151. Standing orders are ________
A. Credited in the cash book
B. Debited in the cash book
C. Entered in the bank statement
D. Entered in the petty cash balance

152. Uncollected checks also referred as______________?
A. Unpresented checks
B. Uncredited checks
C. Outstanding checks
D. Bounced checks

153. ___________ are checks that are issued by the business but not yet presented to bank
A. Uncollected checks
B. Uncredited checks
C. Outstanding checks
D. Bounced checks

154. Bank sent debit advice of $500 to company being interest on overdraft. It wasn’t entered in cash book. Identify the correct adjustment in cash book.
A. $500 will be debited
B. $500 will be credited
C. Non-adjustable
D. $1000 will be subtracted

155. In bank reconciliation statement the amount of outstanding checks is added to ________ balance of cash book.
A. Adjusted
B. Unadjusted
C. Understated
D. Overstated

156. Which of the following error results in unadjusted cash book balance?
A. Outstanding checks
B. Unpresented checks
C. Deposit in transit
D. Omission of Bank charges

157. _________ Checks that are presented to bank but not yet credited by the bank.
A. Unpresented checks
B. Uncredited checks
C. Outstanding checks
D. Bounced checks

158. Favorable balance of bank statement implies that
A. Credit balance
B. Debit balance
C. Bank overdraft
D. Adjusted balance

159. Balance as per cash book(adjusted.=$1000, Unpresented checks=$2000, Uncredited checks=$500, Deposit in transit=$500. Compute the balance as per bank statement.
A. $2000
B. Zero
C. $3000
D. $2500

160. 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

NOTE
IF YOU THINK ANY OF THE MCQ ABOVE IS WRONG.
PLEASE COMMENT WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION IN COMMENT BOX.
THANK YOU

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