Financial AccountingExercise- The Accounting Cycle

1. 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

2. 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

3. Details of individual accounts are kept in a separate register / ledger called

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

5. Which of the following is a FIRST product of accounting cycle?

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

7. From all of the given options which of the following voucher is used to record transactions that do not affect bank & cash?

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

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

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