Accounting Cycle 11-20

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

Combined entry

None of given options

Compound entry

Double entry

Correct! Wrong!

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

Delivery note

Invoice

Statement

Advice note

Correct! Wrong!

Which of the following is an advice of employee earning?

Purchase order

Pay slip

Quotation

Advice note

Correct! Wrong!

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

Income statement accounts

Cost of goods sold

Balance sheet accounts

Source documents

Correct! Wrong!

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

Accrual basis of accounting

Cost accounting

None of the given options

Cash basis of accounting

Correct! Wrong!

Losses normally have?

Credit balance

All of the given options

Not mentioned

Debit balance

Correct! Wrong!

Which of the following is not a voucher?

Payment voucher

Ledger voucher

Receipt voucher

Journal voucher

Correct! Wrong!

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

Recording, identifying, and communicating

Recording, totaling, and identifying

Identifying, recording, and communicating

Communicating, recording, and identifying

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. 120,000

Rs. 400,000

Rs. 520,000

Rs. 280,000

Correct! Wrong!

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

None of given options

Payment Voucher

Journal Voucher

Cash Voucher

Correct! Wrong!

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

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

Which of the following is an advice of employee earning?

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

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

Losses normally have?

Which of the following is not a voucher?

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

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?

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

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