Practice questions for FA1 (Receiving money and checking)

Chapter Receiving money and checking, these Practice questions for FA1 will help you to clear you confusions for this chapter. so here we go with the first Practice question.

Q1. Control over receipts is the function of ensuring a good___ in the business.

1. Cash flow
2. profit
3. operations
4. risk

Q2. Which two of the following is the features of control over receipts?

1. documentation such as remittance advice
2. Instant deposit in bank
3. Making financial statements

Q3. Sent to a customer by a supplier to show payment made for goods. Select the correct option.

1. Remittance advice
2. Invoice
3. GRN
4. Quotation

Q4. Which of the following is mostly utilize in small stores where the receiving money by consumer in cash.

1. written receipt
2. Till receipts
3. Invoice
4. GRN

Q5. written receipt may be required if a__ is not utilized?

1. Till
2. GRN
3. Quotation
4. Invoice

Q6. Which of the following is the safest method of payment?

1. Through cheque payment
2. Open cheque
3. Banker’s draft

Q7. To protect against theft and secure the safety of the cashiers, some businesses put __ in between consumer and the cashier.

1. protective glass
2. Strong box
3. Wooden chair
4. Table

Q8. provides an opportunity for monies to transfer automatically from a client’s bank account to a company or stores when the customer buys items. This definition belongs to which?

1. Cheque
2. Cash
3. EFTPOS
4. Strong box

Q9. A safe is an __ place for keeping money safe.

1. Empty
2. Ideal
3. Idiot
4. Intelligent

Q10. (Electronic fund transfer at the point of sale), write the short form.

Q11. Which three of the followings are physical security?

1. protective glass
2. Theft
3. Strong box
4. Authorization
5. Segregation of duties
6. Competence behavior

Q12. Which of the five are following payment methods?

1. Credit card
2. Debit card
3. electronic payment method
4. Cheque
5. Invoice received
6. Invoice send
7. GRN
8. EFTPOS
9. Remittance advice
10. Banker’s draft

Answer

1. Cash flow
2. documentation such as remittance advice and Instant deposit in bank
3. Remittance advice
4. Till receipts
5. Till
6. Banker’s draft
7. protective glass
8. EFTPOS
9. Ideal
10. EFTPOS
11. protective glass, Theft, Strong box
12. Credit card, Debit card, electronic payment method, Cheque, Banker’s draft

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