Accounting Cycle 1-10

Accrual-basis of accounting?

Non of given options

Is not acceptable under GAAP

Result in higher income than Cash-basis of accounting ?

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

Correct! Wrong!

Bookkeeping is mainly concerned with?

Recording the Economic Activities

Interpreting the data

All of Above

Designing the systems for recording, classifying and summarizing

Correct! Wrong!

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

None of given options

Middle management

Lower level management

Senior management

Correct! Wrong!

Double entry bookkeeping means that?

Entry for two aspects of transaction

Entry in two sets of accounting books

All of given options

Entry at two dates

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?

Order placed for the goods

Products accepted by customer

Product manufactured

Sample products requested by customer

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

Cash system of accounting

Accrual system of accounting

Correct! Wrong!

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

Voucher

All of given options

Invoice

Receipt

Correct! Wrong!

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

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

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

Source document, transaction, ledger account, journal entry, trial balance

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

Correct! Wrong!

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

Single entry system

Cash system of accounting

Accrual system of accounting

Double entry system

Correct! Wrong!

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

Goods are delivered

Billed to customers

Cash is received

Production is completed

Correct! Wrong!

Accrual-basis of accounting?

Bookkeeping is mainly concerned with?

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

Double entry bookkeeping means that?

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

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

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?

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

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