Bookkeeping mainly concerns with which part of accounting process?

Related Mcqs:

1. The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is_________?

   A. Depreciation
   B. Physical deterioration of the asset
   C. Decrease in market value of the asset
   D. Valuation of an asset at a point of time

2. Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?

   A. Identifying transactions
   B. Preparing “T Accounts”
   C. Preparing financial statements
   D. Preparing trial balances

3. Average Accounting Return is a measure of accounting profit relative to:

   A. Book value
   B. Intrinsic value
   C. Cost
   D. Market value

4. Identify the correct sequence of accounting process

   A. Communicating→Recording→Identifying
   B. Recording→Communicating→Identifying
   C. Identifying→communicating→recording
   D. Identifying→recording→communicating

5. For which step of accounting process the accountants of business entity prepare financial statements?

   A. Identification of economic event
   B. Communication of financial information
   C. Recording financial information
   D. Making decisions about business

6. The first step in accounting process is___________?

   A. Recording the transaction
   B. Identifying the transaction
   C. Posting the transaction
   D. Preparing the source documents

7. In accounting an Economic event is referred to as:

   A. Cash
   B. Bank statement
   C. Transaction
   D. Exchange of money

8. What is the basic accounting equation?

   A. Capital+Liabilities=Assets
   B. Assets+ liabilities =Capital
   C. Capital+assets=liabilities
   D. Liabilities+Capital

9. Which of the following accounting equation is correct?

   A. Cash+Other assets=Capital-Liabilities
   B. Capital+ Liabilities=Assets+Income
   C. Assets-Liabilities=Capital
   D. Assets+Capital=Liabilities

10. During the accounting period, sales revenue is Rs. 25,000 and accounts receivable increases by Rs. 8,000. What will be the amount of cash received from customers for the period?

    A. Rs. 33,000
    B. Rs. 25,000
    C. Rs. 17,000
    D. Rs. 8,000