11. A company sold Rs. 400,000 of merchandise for cash and Rs. 120,000 of merchandise to credit customers who will pay for the merchandise in a later time period. How much revenue should be reported on the income statement of the current time period?

Correct! Wrong!

12. Voucher is used to record transactions that do not affect cash or bank?

Correct! Wrong!

13. Items such as a sales slip, a check, a bill, or invoices are examples of?

Correct! Wrong!

14. In the purchasing procedure which document will usually follow the goods received note?

Correct! Wrong!

15. Which of the following is an advice of employee earning?

Correct! Wrong!

16. A Journal entry which requires more than two accounts is called?

Correct! Wrong!

17. Accounting which recognizes an event as the transaction when cash is received or paid?

Correct! Wrong!

18. Which of the following presents key aspects of the process of accounting in the correct chronological order?

Correct! Wrong!

19. Losses normally have?

Correct! Wrong!

20. Which of the following is not a voucher?

Correct! Wrong!

Accounting Cycle (11-20)
Super Genius ***
Excellent ***
Very Good **
Good *
Fair
Fail

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