Financial AccountingExercise- The Accounting Cycle

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

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

3. 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

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

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

6. Which of the following particular/s is/are included in payment voucher?

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

8. All the statements are correct about Journal voucher EXCEPT

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

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