Accounting Cycle (1-10)

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

Goods are delivered

Cash is received

Billed to customers

Production is completed

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!

Accrual-basis of accounting?

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

Non of given options

Result in higher income than Cash-basis of accounting ?

Is not acceptable under GAAP

Correct! Wrong!

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

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

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

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

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

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?

None of the given options

Cash system of accounting

Current accounting period

Accrual system of accounting

Correct! Wrong!

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

Voucher

All of given options

Invoice

Receipt

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!

Double entry bookkeeping means that?

Entry for two aspects of transaction

All of given options

Entry in two sets of accounting books

Entry at two dates

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?

Order placed for the goods

Products accepted by customer

Sample products requested by customer

Product manufactured

Correct! Wrong!

Bookkeeping is mainly concerned with?

Recording the Economic Activities

Interpreting the data

Designing the systems for recording, classifying and summarizing

All of Above

Correct! Wrong!

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

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

Accrual-basis of accounting?

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

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

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

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

Double entry bookkeeping means that?

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?

Bookkeeping is mainly concerned with?

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