1. A book that keeps separate record for each account is known as General Journal Trial Balance Voucher General Ledger 2. What is the next step to Journalizing in Accounting cycle? Balancing Posting Recording Analyzing 3. The expenses which are NOT paid out of Gross Profit is classified as Direct Expenses Selling Expenses General Expenses Financial Expenses 4. Which of the following particular/s is/are included in receipt voucher? Bank receipt Date Name of organization All of the given options 5. Which of the following is NOT a characteristic of Journal? It is also called “The original book of entry” Transaction is first recorded in Journal from Voucher Transactions are recorded in chronological order None of the given options 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) Capital account Cash account Furniture account Vehicle account 7. Details of individual accounts are kept in a separate register / ledger called Control Account Subsidiary Ledger General Journal All of the given options 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 The supplier sent an invoice for $150 which you have not yet received. You have returned goods worth $150 which the supplier has not yet accounted for. You have paid the supplier $150 which he has not yet accounted for. The supplier has allowed you $150 cash discount which you had omitted to enter in your ledgers. 9. From all of the given options which of the following voucher is used to record transactions that do not affect bank & cash? Receipt Voucher Payment Voucher Journal Voucher Nominal Voucher 10. Which of the following voucher is used to record receipt of cash? Payment Voucher Receipt Voucher Journal Voucher Nominal Voucher Loading … Question 1 of 10 AccountingAccounting CycleFinancial Accounting