Accounting Cycle (11-20)

Voucher is used to record transactions that do not affect cash or bank?

Payment Voucher

Journal Voucher

Cash Voucher

None of given options

Correct! Wrong!

Accounting which recognizes an event as the transaction when cash is received or paid?

Cash basis of accounting

Accrual basis of accounting

Cost accounting

None of the given options

Correct! Wrong!

Which of the following is not a voucher?

Receipt voucher

Journal voucher

Payment voucher

Ledger voucher

Correct! Wrong!

In the purchasing procedure which document will usually follow the goods received note?

Delivery note

Invoice

Statement

Advice note

Correct! Wrong!

A Journal entry which requires more than two accounts is called?

Double entry

Combined entry

None of given options

Compound entry

Correct! Wrong!

Losses normally have?

All of the given options

Credit balance

Debit balance

Not mentioned

Correct! Wrong!

Which of the following is an advice of employee earning?

Purchase order

Pay slip

Quotation

Advice note

Correct! Wrong!

A company sold Rs. 400,000 of merchandise for cash and Rs. 120,000 of merchandise to credit customers who will pay for the merchandise in a later time period. How much revenue should be reported on the income statement of the current time period?

Rs. 520,000

Rs. 120,000

Rs. 280,000

Rs. 400,000

Correct! Wrong!

Which of the following presents key aspects of the process of accounting in the correct chronological order?

Recording, totaling, and identifying

Recording, identifying, and communicating

Communicating, recording, and identifying

Identifying, recording, and communicating

Correct! Wrong!

Items such as a sales slip, a check, a bill, or invoices are examples of?

Cost of goods sold

Source documents

Income statement accounts

Balance sheet accounts

Correct! Wrong!

Voucher is used to record transactions that do not affect cash or bank?

Accounting which recognizes an event as the transaction when cash is received or paid?

Which of the following is not a voucher?

In the purchasing procedure which document will usually follow the goods received note?

A Journal entry which requires more than two accounts is called?

Losses normally have?

Which of the following is an advice of employee earning?

A company sold Rs. 400,000 of merchandise for cash and Rs. 120,000 of merchandise to credit customers who will pay for the merchandise in a later time period. How much revenue should be reported on the income statement of the current time period?

Which of the following presents key aspects of the process of accounting in the correct chronological order?

Items such as a sales slip, a check, a bill, or invoices are examples of?

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