Financial AccountingExercise- The Accounting Cycle

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

2. 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

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

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

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

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

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 payment voucher?

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

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