Accounting Cycle (11-20)

Which of the following is an advice of employee earning?

Pay slip

Advice note

Quotation

Purchase order

Correct! Wrong!

Which of the following is not a voucher?

Payment voucher

Receipt voucher

Ledger voucher

Journal voucher

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!

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

Balance sheet accounts

Income statement accounts

Cost of goods sold

Source documents

Correct! Wrong!

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

Combined entry

Compound entry

None of given options

Double entry

Correct! Wrong!

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

Advice note

Statement

Invoice

Delivery note

Correct! Wrong!

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

Recording, totaling, and identifying

Communicating, recording, and identifying

Recording, identifying, and communicating

Identifying, recording, and communicating

Correct! Wrong!

Losses normally have?

Debit balance

Credit balance

All of the given options

Not mentioned

Correct! Wrong!

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

Payment Voucher

Journal Voucher

Cash Voucher

None of given options

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. 400,000

Rs. 280,000

Rs. 120,000

Rs. 520,000

Correct! Wrong!

Which of the following is an advice of employee earning?

Which of the following is not a voucher?

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

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

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

Losses normally have?

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

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?

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