Financial AccountingExercise- The Accounting Cycle

1. 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)

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

3. Amount generated from sales in a business is called

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

5. 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

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

7. 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

8. Which of the following is Not a part of General Ledger?

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

10. 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