Financial AccountingExercise- The Accounting Cycle

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

2. In an account if credit side > debit side, the balance is known as

3. 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

4. A supplier sends you a statement showing a balance outstanding of $14,350. Your own records show a
balance outstanding of $14,500.
Which one of the following could be the reason for this difference

5. What is the next step to Journalizing in Accounting cycle?

6. Which of the following particular is NOT included in journal voucher?

7. Which of the following particular/s is/are included in payment voucher?

8. A book that keeps separate record for each account is known as

9. Which one of the following is called the book of primary Entry?

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