Accounting Cycle 1-10

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

Double entry system

Accrual system of accounting

Cash system of accounting

Single 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?

None of the given options

Cash system of accounting

Current accounting period

Accrual system of accounting

Correct! Wrong!

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

Senior management

Lower level management

Middle management

None of given options

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

Product manufactured

Sample products requested by customer

Products accepted by customer

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?

Goods are delivered

Cash is received

Production is completed

Billed to customers

Correct! Wrong!

Double entry bookkeeping means that?

Entry in two sets of accounting books

Entry at two dates

Entry for two aspects of transaction

All of given options

Correct! Wrong!

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

Receipt

Voucher

All of given options

Invoice

Correct! Wrong!

Accrual-basis of accounting?

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

Non of given options

Is not acceptable under GAAP

Result in higher income than Cash-basis of accounting ?

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

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

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

Correct! Wrong!

Accounting Cycle 1-10

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

Accounting Cycle 1-10

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?

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?

Bookkeeping is mainly concerned with?

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

Double entry bookkeeping means that?

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

Accrual-basis of accounting?

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

Search