Accounting Cycle 1-10

Double entry bookkeeping means that?

Entry for two aspects of transaction

Entry in two sets of accounting books

Entry at two dates

All of given options

Correct! Wrong!

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

Production is completed

Cash is received

Billed to customers

Goods are delivered

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

Order placed for the goods

Product manufactured

Sample products requested by customer

Correct! Wrong!

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

Lower level management

Senior management

None of given options

Middle management

Correct! Wrong!

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

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

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

Correct! Wrong!

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

Double entry system

Single entry system

Accrual system of accounting

Cash system of accounting

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

None of the given options

Cash system of accounting

Current accounting period

Correct! Wrong!

Bookkeeping is mainly concerned with?

Interpreting the data

All of Above

Recording the Economic Activities

Designing the systems for recording, classifying and summarizing

Correct! Wrong!

Accrual-basis of accounting?

Non of given options

Result in higher income than Cash-basis of accounting ?

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

Is not acceptable under GAAP

Correct! Wrong!

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

Invoice

Voucher

All of given options

Receipt

Correct! Wrong!

Double entry bookkeeping means that?

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

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 documents relating to purchase of asset must be authorized by?

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?

Bookkeeping is mainly concerned with?

Accrual-basis of accounting?

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

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