Accounting Cycle 1-10

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

Receipt

Invoice

All of given options

Voucher

Correct! Wrong!

Bookkeeping is mainly concerned with?

Designing the systems for recording, classifying and summarizing

All of Above

Interpreting the data

Recording the Economic Activities

Correct! Wrong!

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

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

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

Correct! Wrong!

Accrual-basis of accounting?

Is not acceptable under GAAP

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 ?

Correct! Wrong!

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

Middle management

Senior management

None of given options

Lower level management

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?

Cash system of accounting

Accrual system of accounting

Current accounting period

None of the given options

Correct! Wrong!

Double entry bookkeeping means that?

Entry at two dates

All of given options

Entry for two aspects of transaction

Entry in two sets of accounting books

Correct! Wrong!

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

Production is completed

Goods are delivered

Billed to customers

Cash is received

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!

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?

Product manufactured

Order placed for the goods

Products accepted by customer

Sample products requested by customer

Correct! Wrong!

Accounting Cycle 1-10

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

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

Bookkeeping is mainly concerned with?

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

Accrual-basis of accounting?

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

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

Double entry bookkeeping means that?

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

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?

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