Accounting Multiple Choice Question – 30 May 2019

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

A bank overdraft…?

Select ONE answer:

  1. is an asset.
  2. can exist on either a deposit account or a current account.
  3. means that more money has been paid out of a bank current account than has been lodged into it.
  4. None of the above.

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 3

  1. A bank overdraft is a liability.
  2. A bank overdraft cannot exist on a deposit account.
  3. Correct
  4. Not correct

 

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Accounting Multiple Choice Question – 29 May 2019

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

The payee of a cheque is…?

Select ONE answer:

  1. The bank in which the person writing the cheque has his / her account.
  2. The person to whom the cheque is written.
  3. The person who writes the cheque or on whose account the cheque is written.
  4. None of the above.

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 2

  1. This is the bank on which the cheque is drawn.
  2. Correct
  3. The person who writes the cheque or on whose account the cheque is written is known as the ‘drawer’ of the cheque.
  4. Not correct

 

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Accounting Multiple Choice Question – 28 May 2019

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

The ‘drawer’ of a cheque is…?

Select ONE answer:

  1. The bank in which the person writing the cheque has his / her account.
  2. The person to whom the cheque is written.
  3. The person who writes the cheque or on whose account the cheque is written.
  4. None of the above.

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 3

  1. This is the bank on which the cheque is drawn.
  2. The person to whom the cheque is written is known as the ’payee’.
  3. Correct
  4. Not correct

 

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This work is licensed under a Creative Commons Attribution 4.0 International License.

Accounting Multiple Choice Question – 27 May 2019

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

A paying-in slip is…?

Select ONE answer:

  1. a once-off instruction to a bank to pay a specified amount from your current account.
  2. the form which must be completed when lodging money into a bank account.
  3. the same as a cheque.
  4. None of the above.

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 2

  1. a once-off instruction to a bank to pay a specified amount of money from your current account is a cheque.
  2. Correct
  3. a cheque is an instruction to a bank to pay a specified amount from your current account.
  4. Not correct

 

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Accounting Multiple Choice Question – 26 May 2019

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Endorsing a cheque means…?

Select ONE answer:

  1. making it void.
  2. exchanging it for cash at a bank.
  3. relinquishing your right to receive the amount of the cheque and passing that right on to someone else.
  4. None of the above.

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 3

  1. Making a Cheque void is known as ‘cancelling’ it.
  2. Exchanging a cheque for cash at a bank is known as ‘cashing’ the cheque.
  3. Correct
  4. Not correct

 

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Accounting Multiple Choice Question – 25 May 2019

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Cheques are sometimes ‘crossed’…?

Select ONE answer:

  1. so that they cannot be ‘cashed‘ for a certain period of time.
  2. to prevent them from being lodged into a bank account.
  3. so as to avoid any person, other than the person to whom they are written, deriving any benefit from them.
  4. None of the above.

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 3

  1. Whether a cheque is ‘crossed’ or not has no effect on when it can be ‘cashed’.
  2. The most common reason for crossing a cheque is to ensure that cheques are lodged directly into the recipient’s bank account.
  3. Correct
  4. Not correct

 

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This work is licensed under a Creative Commons Attribution 4.0 International License.

Accounting Multiple Choice Question – 24 May 2019

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

A cheque…?

Select ONE answer:

  1. is the form which must be completed when lodging money into a bank account.
  2. must always be ‘crossed’.
  3. is an instruction to your bank to pay money out of your current account.
  4. None of the above.

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 3

  1. The form which must be completed when lodging money into a bank account is known as a paying-in slip or a lodgement slip.
  2. Cheques may be ‘crossed’ or ‘uncrossed’ — this is a matter for the person writing the cheque (the drawer) to decide.
  3. Correct
  4. Not correct

 

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.