Financial AccountingExercise- The Accounting Cycle

1. The process of transferring journal entry information to the ledger is called

2. Amount generated from sales in a business is called

3. Which of the following voucher is used to record receipt of cash?

4. Which of the following item is found in a Journal entry? (1) Date of each transaction (2) Amount of each debit and credit (3) Explanation of each transaction

5. All the statements are correct about Journal voucher EXCEPT

6. The expenses which are NOT paid out of Gross Profit is classified as

7. Which of the following is Not a part of General Ledger?

8. In which of the following all vouchers are first recorded___________.

9. Which of the following is NOT a characteristic of Journal?

10. What is the proper order of the following steps in the accounting process?
I. Prepare and analyze the trial balance
II. Record relevant transactions and events in a journal
III. Analyze each transaction and event from source documents
IV. Post journal information to ledger accounts