Accounting Cycle 1-10

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

Receipt

Voucher

Invoice

All of given options

Correct! Wrong!

Accrual-basis of accounting?

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

Non of given options

Correct! Wrong!

Double entry bookkeeping means that?

Entry for two aspects of transaction

Entry at two dates

All of given options

Entry in two sets of accounting books

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?

Current accounting period

None of the given options

Accrual system of accounting

Cash system of accounting

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

Sample products requested by customer

Products accepted by customer

Order placed for the goods

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!

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

Cash is received

Billed to customers

Production is completed

Goods are delivered

Correct! Wrong!

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

Lower level management

Middle management

Senior management

None of given options

Correct! Wrong!

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

Accrual system of accounting

Cash system of accounting

Single entry system

Double entry system

Correct! Wrong!

Bookkeeping is mainly concerned with?

Designing the systems for recording, classifying and summarizing

Recording the Economic Activities

Interpreting the data

All of Above

Correct! Wrong!

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

Accrual-basis of accounting?

Double entry bookkeeping means that?

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

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

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

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

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

Bookkeeping is mainly concerned with?

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