Accounting Cycle 1-10

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

None of given options

Lower level management

Senior management

Middle management

Correct! Wrong!

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

Invoice

Voucher

Receipt

All of given options

Correct! Wrong!

Accrual-basis of accounting?

Is not acceptable under GAAP

Result in higher income than Cash-basis of accounting ?

Non of given options

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

Correct! Wrong!

Double entry bookkeeping means that?

Entry in two sets of accounting books

Entry for two aspects of transaction

Entry at two dates

All of given options

Correct! Wrong!

Bookkeeping is mainly concerned with?

All of Above

Designing the systems for recording, classifying and summarizing

Recording the Economic Activities

Interpreting the data

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

Product manufactured

Order placed for the goods

Products accepted by customer

Correct! Wrong!

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

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

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

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

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

Correct! Wrong!

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 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

Accrual system of accounting

Cash system of accounting

Current accounting period

Correct! Wrong!

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

Accrual system of accounting

Single entry system

Double entry system

Cash system of accounting

Correct! Wrong!

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

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

Accrual-basis of accounting?

Double entry bookkeeping means that?

Bookkeeping is mainly concerned with?

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

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

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

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