Accounting Cycle (11-20)

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

Invoice

Advice note

Delivery note

Statement

Correct! Wrong!

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

Cost of goods sold

Income statement accounts

Balance sheet accounts

Source documents

Correct! Wrong!

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

None of given options

Payment Voucher

Cash Voucher

Journal Voucher

Correct! Wrong!

Which of the following is an advice of employee earning?

Purchase order

Pay slip

Advice note

Quotation

Correct! Wrong!

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

Combined entry

Double entry

None of given options

Compound entry

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. 280,000

Rs. 400,000

Rs. 120,000

Rs. 520,000

Correct! Wrong!

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

Cost accounting

None of the given options

Accrual basis of accounting

Cash basis of accounting

Correct! Wrong!

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

Identifying, recording, and communicating

Recording, totaling, and identifying

Recording, identifying, and communicating

Communicating, recording, and identifying

Correct! Wrong!

Losses normally have?

Debit balance

Credit balance

Not mentioned

All of the given options

Correct! Wrong!

Which of the following is not a voucher?

Journal voucher

Ledger voucher

Receipt voucher

Payment voucher

Correct! Wrong!

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

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

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

Which of the following is an advice of employee earning?

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

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?

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

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

Losses normally have?

Which of the following is not a voucher?

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