Accounting Cycle MCQs
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Next Practice: Journal Entry MCQs
MCQs 1 To 10
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The documents relating to purchase of asset must be authorized by?
Correct!
Wrong!
A manufacturer is considering the point at which a transaction can be recognized within its profit and loss account. At which of the following stages is this permitted?
Correct!
Wrong!
Which one of the following system of recording transaction has a dual aspect concept of accounting?
Correct!
Wrong!
Revenue is generally recognized being earned at the point of time when?
Correct!
Wrong!
The basic sequence in the accounting process can best be described as?
Correct!
Wrong!
The accounting system, in which accounting entries are made on the basis of amount having become due for payment or receipt, is known as?
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Wrong!
Which one the following document is prepared for documentary evidence by business?
Correct!
Wrong!
Bookkeeping is mainly concerned with?
Correct!
Wrong!
Accrual-basis of accounting?
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Wrong!
Double entry bookkeeping means that?
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Wrong!
Accounting Cycle 1-10
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MCQs 11 To 20
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In the purchasing procedure which document will usually follow the goods received note?
Correct!
Wrong!
Accounting which recognizes an event as the transaction when cash is received or paid?
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Wrong!
Which of the following is an advice of employee earning?
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Wrong!
Items such as a sales slip, a check, a bill, or invoices are examples of?
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Wrong!
Losses normally have?
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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?
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Wrong!
Which of the following presents key aspects of the process of accounting in the correct chronological order?
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A Journal entry which requires more than two accounts is called?
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Voucher is used to record transactions that do not affect cash or bank?
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Wrong!
Which of the following is not a voucher?
Correct!
Wrong!
Accounting Cycle 11-20
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References
Mukharji, A., & Hanif, M. (2003). Financial Accounting (Vol. 1). New Delhi: Tata McGraw-Hill Publishing Co.
Narayanswami, R. (2008). Financial Accounting: A Managerial Perspective. (3rd, Ed.) New Delhi: Prentice Hall of India.
Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.
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