Accounting Cycle (1-10)

Double entry bookkeeping means that?

Entry for two aspects of transaction

All of given options

Entry at two dates

Entry in two sets of accounting books

Correct! Wrong!

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

None of given options

Lower level management

Senior management

Middle management

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?

Products accepted by customer

Sample products requested by customer

Product manufactured

Order placed for the goods

Correct! Wrong!

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

Invoice

Voucher

Receipt

All of given options

Correct! Wrong!

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

Cash is received

Production is completed

Billed to customers

Goods are delivered

Correct! Wrong!

Accrual-basis of accounting?

Non of given options

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

Result in higher income than Cash-basis of accounting ?

Is not acceptable under GAAP

Correct! Wrong!

Bookkeeping is mainly concerned with?

All of Above

Interpreting the data

Recording the Economic Activities

Designing the systems for recording, classifying and summarizing

Correct! Wrong!

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

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

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

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

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

Correct! Wrong!

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

Cash system of accounting

Accrual system of accounting

Single entry system

Double entry system

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

Cash system of accounting

None of the given options

Current accounting period

Correct! Wrong!

Double entry bookkeeping means that?

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

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?

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

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

Accrual-basis of accounting?

Bookkeeping is mainly concerned with?

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

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

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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