Accounting Cycle (11-20)

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

Recording, totaling, and identifying

Identifying, recording, and communicating

Communicating, recording, and identifying

Recording, identifying, and communicating

Correct! Wrong!

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

Cost of goods sold

Balance sheet accounts

Source documents

Income statement accounts

Correct! Wrong!

Which of the following is not a voucher?

Ledger voucher

Receipt voucher

Payment voucher

Journal voucher

Correct! Wrong!

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

Journal Voucher

Payment Voucher

Cash Voucher

None of given options

Correct! Wrong!

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

Cost accounting

Accrual basis of accounting

None of the given options

Cash basis of accounting

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?

Quotation

Purchase order

Pay slip

Advice note

Correct! Wrong!

Losses normally have?

Not mentioned

Debit balance

All of the given options

Credit balance

Correct! Wrong!

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

Delivery note

Statement

Advice note

Invoice

Correct! Wrong!

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

Compound entry

Combined entry

Double entry

None of given options

Correct! Wrong!

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

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

Which of the following is not a voucher?

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?

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?

Losses normally have?

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

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

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