Accounting for Managers

561. The balance of cash account indicates ______________.

1. . net income for the period
2. net loss for the period
3. net cash on hand
4. net worth of the business

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562. Outstanding salaries are shown as ______________

1. an expense
2. a liability
3. an asset
4. an income

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563. Prepaid insurance is ______________

1. Nominal account
2. Personal account
3. Real account
4. Prepaid account

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564. ______________ is the person who prepares Bank Reconciliation Statement.

1. customer of the bank
2. ban
3. neither of the above two
4. reserve bank of India

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565. Provision for bad debts is calculated on ______________

1. creditors
2. Sales
3. Purchases
4. Debtors

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566. The discount column of a triple column cash book records ______________.

1. trade discount
2. cash discount
3. quantity discount
4. seasonal discount

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