Accounting Cycle (1-10)

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

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

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

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

Cash system of accounting

Single entry system

Correct! Wrong!

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

None of given options

Middle management

Senior management

Lower level management

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?

Cash system of accounting

Current accounting period

Accrual system of accounting

None of the given options

Correct! Wrong!

Double entry bookkeeping means that?

Entry for two aspects of transaction

All of given options

Entry in two sets of accounting books

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?

Product manufactured

Order placed for the goods

Sample products requested by customer

Products accepted by customer

Correct! Wrong!

Bookkeeping is mainly concerned with?

Interpreting the data

All of Above

Designing the systems for recording, classifying and summarizing

Recording the Economic Activities

Correct! Wrong!

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

All of given options

Invoice

Voucher

Receipt

Correct! Wrong!

Accrual-basis of accounting?

Result in higher income than Cash-basis of accounting ?

Is not acceptable under GAAP

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

Non of given options

Correct! Wrong!

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

Cash is received

Goods are delivered

Production is completed

Billed to customers

Correct! Wrong!

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?

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

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

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?

Bookkeeping is mainly concerned with?

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

Accrual-basis of accounting?

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

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