Financial AccountingExercise- The Accounting Cycle

1. All the statements are correct about Journal voucher EXCEPT

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

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

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

5. Which of the following account balance/s is/are shown on credit side of Trial Balance? (It is assumed that all account balances are shown on normal balance)

6. 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

7. Which of the following account balance is shown on credit side of Trial Balance? (It is assumed that all account balances are shown on normal balance)

8. Which of the following particular/s is/are included in receipt voucher?

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

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