Correct Answer:
A. Deducted from the cash book balance
The cash book must be updated for charges known only from the statement.
November 13, 2026 · Accounting and Finance MCQs, Financial Accounting MCQs
Bank charges shown on the bank statement but not yet recorded in the cash book should be:
Related MCQs
In a bank reconciliation, outstanding (unpresented) cheques are:
A.
Deducted from the bank statement balance to find the adjusted bank balance
B.
Added to the bank statement balance
C.
Deducted from the cash book balance
D.
Ignored
Correct answer is:
A. Deducted from the bank statement balance to find the adjusted bank balance
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Which of the following is an example of non-tax revenue?
A.
Royalties and fees for government services
B.
Income tax
C.
Sales tax
D.
Customs duty
Correct answer is:
A. Royalties and fees for government services
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The normal balance of a revenue account is:
A.
Debit
B.
Zero
C.
Depends on the auditor
D.
Credit
Correct answer is:
D. Credit
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Actual price is Rs. 12, standard price is Rs. 10 and 500 units were purchased. The material price variance is:
A.
Rs. 1,000 adverse
B.
Rs. 1,000 favorable
C.
Rs. 5,000 adverse
D.
Rs. 600 adverse
Correct answer is:
A. Rs. 1,000 adverse
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A machine costing Rs. 200,000 is depreciated at 20% on the reducing balance method. Depreciation for the first year is:
A.
Rs. 20,000
B.
Rs. 40,000
C.
Rs. 160,000
D.
Rs. 4,000
Correct answer is:
B. Rs. 40,000
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A mixed (semi-variable) cost is a cost that:
A.
Contains both fixed and variable components
B.
Is completely fixed
C.
Is completely variable
D.
Is never related to activity
Correct answer is:
A. Contains both fixed and variable components
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