PRC-1 · Chapter 9 · Question 99 of 100
What does the letter 'C' in the folio column of a cash book indicate?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) Contra entry
Explanation
The letter 'C' denotes a contra entry, showing that the double entry for the transaction (e.g., cash deposited to bank) is completed within the cash book itself.
More Bank Reconciliations MCQs
- Q1What is the primary purpose of preparing a Bank Reconciliation Statement (BRS)?
- Q2If a bank statement shows a 'Debit' balance, what does this signify for the business?
- Q3Which of the following describes a credit balance in the bank column of the cash book?
- Q4Which of the following items is NOT required to be adjusted in the revised/adjusted cash book?
- Q5Cheques issued by the business to suppliers but not yet presented to the bank for payment are known as: