Financial AccountingExercise- The Accounting Cycle

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

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

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

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

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

7. Amount generated from sales in a business is called

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

9. 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)

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