Financial AccountingExercise- The Accounting Cycle

1. 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

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 one of the following is called the book of primary Entry?

4. 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

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

6. All the statements are correct about Journal voucher EXCEPT

7. 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)

8. Amount generated from sales in a business is called

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

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