Correct Answer:
A. Deducted from the bank statement balance to find the adjusted bank balance
Cheques issued but not yet cleared have been recorded in the cash book but not by the bank.
November 13, 2026 · Accounting and Finance MCQs, Financial Accounting MCQs
In a bank reconciliation, outstanding (unpresented) cheques are:
Related MCQs
The main purpose of segregation of duties is to:
A.
Reduce the number of employees
B.
Increase the speed of processing
C.
Prevent one person from controlling authorization, custody and recording of a transaction
D.
Replace the need for an audit
Correct answer is:
C. Prevent one person from controlling authorization, custody and recording of a transaction
Do you agree with this answer?
A bonus issue of shares:
A.
Raises new cash for the company
B.
Capitalizes reserves and brings in no cash
C.
Reduces the number of shares
D.
Is a payment of cash dividend
Correct answer is:
B. Capitalizes reserves and brings in no cash
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A transfer price is:
A.
The price charged to external customers
B.
The price of raw materials from suppliers only
C.
The price at which goods or services are transferred between divisions of the same organization
D.
A government-regulated price
Correct answer is:
C. The price at which goods or services are transferred between divisions of the same organization
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Prime cost is the sum of:
A.
Direct materials and factory overhead
B.
Direct labor and factory overhead
C.
Indirect materials and indirect labor
D.
Direct materials, direct labor and direct expenses
Correct answer is:
D. Direct materials, direct labor and direct expenses
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Diversification can eliminate:
A.
Unsystematic (specific) risk
B.
Systematic risk
C.
Inflation risk of the whole economy
D.
Market risk entirely
Correct answer is:
A. Unsystematic (specific) risk
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Tax-to-GDP ratio is calculated as:
A.
GDP divided by tax revenue
B.
Total revenue divided by total expenditure
C.
Tax revenue divided by GDP, expressed as a percentage
D.
Public debt divided by GDP
Correct answer is:
C. Tax revenue divided by GDP, expressed as a percentage
Do you agree with this answer?
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