Accounting Cycle 11-20

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

Cost of goods sold

Income statement accounts

Balance sheet accounts

Source documents

Correct! Wrong!

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

Payment Voucher

Cash Voucher

Journal Voucher

None of given options

Correct! Wrong!

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

Accrual basis of accounting

None of the given options

Cost accounting

Cash basis of accounting

Correct! Wrong!

Which of the following is not a voucher?

Payment voucher

Receipt voucher

Ledger voucher

Journal voucher

Correct! Wrong!

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

Communicating, recording, and identifying

Recording, identifying, and communicating

Recording, totaling, and identifying

Identifying, recording, and communicating

Correct! Wrong!

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

Double entry

None of given options

Combined entry

Compound entry

Correct! Wrong!

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

Delivery note

Invoice

Statement

Advice note

Correct! Wrong!

Losses normally have?

Debit balance

Not mentioned

Credit balance

All of the given options

Correct! Wrong!

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?

Rs. 400,000

Rs. 120,000

Rs. 280,000

Rs. 520,000

Correct! Wrong!

Which of the following is an advice of employee earning?

Advice note

Quotation

Purchase order

Pay slip

Correct! Wrong!

Accounting Cycle 11-20

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

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

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

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

Which of the following is not a voucher?

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

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

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

Losses normally have?

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?

Which of the following is an advice of employee earning?

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