Accounting Cycle (1-10)

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

Voucher

All of given options

Receipt

Invoice

Correct! Wrong!

Bookkeeping is mainly concerned with?

Designing the systems for recording, classifying and summarizing

Interpreting the data

Recording the Economic Activities

All of Above

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

Cash system of accounting

Accrual system of accounting

None of the given options

Correct! Wrong!

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

Accrual system of accounting

Double entry system

Single entry system

Cash system of accounting

Correct! Wrong!

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

Senior management

None of given options

Middle management

Lower level management

Correct! Wrong!

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

Billed to customers

Cash is received

Goods are delivered

Production is completed

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?

Sample products requested by customer

Product manufactured

Order placed for the goods

Products accepted by customer

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, trial balance, ledger account

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

Correct! Wrong!

Double entry bookkeeping means that?

Entry at two dates

All of given options

Entry in two sets of accounting books

Entry for two aspects of transaction

Correct! Wrong!

Accrual-basis of accounting?

Is not acceptable under GAAP

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

Non of given options

Result in higher income than Cash-basis of accounting ?

Correct! Wrong!

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

Bookkeeping is mainly concerned with?

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

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

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

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?

Double entry bookkeeping means that?

Accrual-basis of accounting?

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