Financial AccountingExercise- The Accounting Cycle

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

4. Which of the following particular/s is/are included in receipt voucher?

 
 
 
 

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

 
 
 
 

6. 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)

 
 
 
 

7. Details of individual accounts are kept in a separate register / ledger called

 
 
 
 

8. 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

 
 
 
 

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 voucher is used to record receipt of cash?

 
 
 
 

Question 1 of 10

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