Financial AccountingExercise- The Accounting Cycle

1. Which of the following is a FIRST product of accounting cycle?

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

8. 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)

 
 
 
 

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

 
 
 
 

10. 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

 
 
 
 

Question 1 of 10

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