Accounting Cycle MCQs
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Next Practice: Journal Entry MCQs
MCQs 1 To 10
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Revenue is generally recognized being earned at the point of time when?
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The basic sequence in the accounting process can best be described as?
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The documents relating to purchase of asset must be authorized by?
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Bookkeeping is mainly concerned with?
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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?
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Accrual-basis of accounting?
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Double entry bookkeeping means that?
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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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Which one of the following system of recording transaction has a dual aspect concept of accounting?
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Which one the following document is prepared for documentary evidence by business?
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Accounting Cycle (1-10)
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MCQs 11 To 20
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Losses normally have?
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Which of the following is an advice of employee earning?
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Accounting which recognizes an event as the transaction when cash is received or paid?
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Items such as a sales slip, a check, a bill, or invoices are examples of?
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Which of the following is not a voucher?
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In the purchasing procedure which document will usually follow the goods received note?
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Which of the following presents key aspects of the process of accounting in the correct chronological order?
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Voucher is used to record transactions that do not affect cash or bank?
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A Journal entry which requires more than two accounts is called?
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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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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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