CMA Foundation-Accounting process

The cash book records-

Which of the column of the cash book can have credit opening or closing balance?

Which of the following column of the cash book is never balanced.

Cash account is-

Total debit side discount column of cash book is posted to-

The debit balance of a cash account shows-

Contra entry appears in-

Contra entries are passed only when-

If a transaction involves both cash and bank account, it is entered on both sides of the cash book, one in the cash column, though on opposite sides. This is called-

Payments in cash of small amounts like travelling expenses, postage, carriage etc. are recorded in the-

The balance in the petty cash book is-

Which of the following is/are advantages of the imprest system?

The petty cashier generally works on ___ system.

Petty cash book may be treated as a-

_____ are passed at the beginning of the financial year to open the books by recording the assets, liabilities and capital appearing in the balance sheet of the previous year.

Opening, closing, and adjustment entries are recorded in-

At the end of the accounting year, ____ are to be passed for outstanding/prepaid expenses, accrued income/income received in advance etc.

____ are passed in the general journal for transferring an item entered in one account to another account.

____ are passed for rectifying errors which might have committed in the books of account.

A ___ is a schedule or list of balances of both debit and credit extracted from various accounts.

At the end of the accounting period or at the end of each month, the balances of the ledger accounts are extracted and ___ is prepared to test as to whether the total debits are equal to total credits.

Which of the following is/are method for preparation of trial balance?

The balances of all assets accounts, expenses accounts, losses, drawings are placed in the _____ of the trial balance.

The balances of all liabilities accounts, income accounts, profits, capital are placed in the ___ of the trial balance.

The trial balance will not balance if-