Financial AccountingExercise- The Accounting Cycle

1. All the statements are correct about Journal voucher EXCEPT

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. 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

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

5. Amount generated from sales in a business is called

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

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

8. 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)

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

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