Accounting Cycle 1-10

Double entry bookkeeping means that?

Entry for two aspects of transaction

Entry at two dates

Entry in two sets of accounting books

All of given options

Correct! Wrong!

Which one of the following system of recording transaction has a dual aspect concept of accounting?

Single entry system

Double entry system

Accrual system of accounting

Cash system of accounting

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?

Sample products requested by customer

Products accepted by customer

Order placed for the goods

Product manufactured

Correct! Wrong!

The documents relating to purchase of asset must be authorized by?

Middle management

Senior management

Lower level management

None of given options

Correct! Wrong!

Which one the following document is prepared for documentary evidence by business?

Receipt

All of given options

Invoice

Voucher

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?

Accrual system of accounting

None of the given options

Cash system of accounting

Current accounting period

Correct! Wrong!

Accrual-basis of accounting?

Is not acceptable under GAAP

Non of given options

Result in higher income than Cash-basis of accounting ?

Leads to the reporting of more complete information than does cash-basis

Correct! Wrong!

Revenue is generally recognized being earned at the point of time when?

Cash is received

Billed to customers

Production is completed

Goods are delivered

Correct! Wrong!

The basic sequence in the accounting process can best be described as?

Transaction, source document, journal entry, trial balance, ledger account

Source document, transaction, ledger account, journal entry, trial balance

Transaction, journal entry, source document, ledger account, trial balance

Transaction, source document, journal entry, ledger account, trial balance

Correct! Wrong!

Bookkeeping is mainly concerned with?

Recording the Economic Activities

All of Above

Designing the systems for recording, classifying and summarizing

Interpreting the data

Correct! Wrong!

Double entry bookkeeping means that?

Which one of the following system of recording transaction has a dual aspect concept of accounting?

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?

The documents relating to purchase of asset must be authorized by?

Which one the following document is prepared for documentary evidence by business?

The accounting system, in which accounting entries are made on the basis of amount having become due for payment or receipt, is known as?

Accrual-basis of accounting?

Revenue is generally recognized being earned at the point of time when?

The basic sequence in the accounting process can best be described as?

Bookkeeping is mainly concerned with?

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